Global energy demand between 2014 and 2035 is expected to rise 34%, an average of 1.4%/year, with fossil fuels remaining the dominant form of energy over the period.

Mining and exploration investment declined 35% in 2015, the second largest year-over-year decline since the U.S. Bureau of Economic Analysis (BEA) began reporting the series in 1948.

BP and Oman Oil today signed a heads of agreement with the Government of the Sultanate of Oman committing to amend the Oman Block 61 exploration and production sharing agreement (EPSA), extending the licence area of the block and enabling a further development of the major Khazzan tight gas field. BP is the operator of Block 61 with a 60% interest and Oman Oil holds the other 40%.

U.S. Rig Count is down 30 rigs from last week to 541, with oil rigs down 28 to 439, and gas rigs down 2 to 102. Canadian Rig Count is down 20 rigs from last week to 222, with oil rigs down 13 to 118, and gas rigs down 7 to 104.

“To develop the joint fields and enhance recovery of oil reservoirs as well as secure development targets, we need investment totaling 200 billion dollars,”

The 19th GCC summit took place amid the last great slump in oil prices, when crude had fallen to just $10 per barrel, worth around $14 today after adjusting for inflation.

North American oil and natural gas drillers will need to cut an additional 30 percent from their capital budgets to balance their spending with the cash coming in their doors even if crude rises to $40 a barrel, according to an analysis by IHS Inc.A group of 44 North American exploration and production companies are planning to spend $78 billion on capital projects this year, down from $101 billion last year.

The Dow Jones industrial average was down 82 points, or 0.5 percent, to 15,944 as of 12:18 p.m. Eastern Time. The Standard & Poor’s 500 slipped eight points, or 0.5 percent, to 1,844. The Nasdaq composite fell 17 points, or 0.4 percent, to 4,266. Stocks posted steep slides Monday and Friday.

The U.S. Census Bureau and the U.S. Bureau of Economic Analysis, through the Department of Commerce, announced today that the goods and services deficit was $43.4 billion in December, up $1.1 billion from $42.2 billion in November, revised. December exports were $181.5 billion, $0.5 billion less than November exports. December imports were $224.9 billion, up $0.6 billion from November.

It appears the administration’s last year is dedicated to furthering an extremist agenda at the very real expense of the middle class and low-income families, through tax hikes on energy and a barrage of unnecessary and duplicative regulations that are catering to the well-funded, radical whims of ‘leave it in the ground’ activists.

Crude oil production in March from seven major US shale plays is expected to fall 92,000 b/d to 4.92 million b/d.

French oil company Total SA said Monday that a deep-water natural-gas project west of the Shetland Islands called Laggan Tormore will produce the equivalent of 90,000 barrels of oil a day—almost 6% of the U.K.’s total output.

Possible Japanese investment in Iran could include petroleum, natural gas resource developments, refinery upgrades, petrochemical plants and distribution systems, according to industry sources.

Министр энергетики Российской Федерации Александр Новак принял участие во встрече Президента Российской Федерации Владимира Путина с Королём Бахрейна Хамадом бен Исой аль-Халифой, который находится в России с рабочим визитом.

Chinese imports of liquefied natural gas (LNG) declined by 1.1% year-on-year in 2015 for the first time since China began importing LNG in 2006.