Due to actual investments in production the volumes are still being added to the market, but the current cuts are starting to have an affect. In the next years the ongoing programs of investment shrinking - primarily from the transnational corporations - will certainly have their effect. As for now, the implementation of their long-term investment programs that started even before the current crisis has expressed in some production growth. But in 2014, the oil majors claimed to reduce the investment in production; in 2015, additional reductions by 10-20% and more were announced by such majors as BP, Shell, Chevron, Total. Overall cutback in global upstream investment was about $140 bln, and it is expected to reach $200-250 bln by 2016 year-end. Within 2-3 years, this will inevitably influence on the production and will have a long-term negative effect.

Oil declined for a second day after another Russian official ruled out cooperation on production cuts with OPEC, adding to signs that a global oversupply will persist.

U.S. crude-oil futures remained in negative territory Tuesday in Asian trade, tracking the previous day’s drop in Brent crude when U.S. markets were shut for a holiday.

Saudi Aramco, the kingdom's state oil giant, is talking to banks about raising a $5 billion loan related to a refinery it built in collaboration with China's Sinopec.

The deal with BASF gives Gazprom full control of a jointly operated European gas trading and storage business, the main strategic rationale.

The Turkish Stream project is a Russian proposal which will transport Russian gas to Europe while bypassing Ukraine. The project is planned to carry 63 billion cubic meters of natural gas to Europe via the Turkish-Greek border. Turkey is due to receive 15.75 billion cubic meters out of the total capacity of the pipeline.

US shale producers reported a cash outflow of more than $30bn in the first half of the year, in a sign of the challenges facing the US’s once-booming industry as the slump in oil prices begins to take effect. The shortfall points to a rise in bankruptcies and restructurings in the US shale oil industry, which has expanded rapidly in the past seven years but has never covered its capital expenditure from its cash flow.

U.S. Rig Count is down 13 rigs from last week to 864, with oil rigs down 13 to 662, gas rigs unchanged at 202, and miscellaneous rigs unchanged at 0.

Britain's North Sea oil and gas sector has shed more than 5,000 jobs since late last year, the country's new Oil and Gas Authority said on Monday, putting an official figure on job losses resulting from a year-long decline in oil prices.

Rosneft Vietnam B.V., a company of Rosneft Group, and Japan Drilling Co., Ltd. (JDC) represented by its subsidiary Hakuryu 5, Inc. signed an agreement on provision and operation of the marine drilling rig HAKURYU-5, for the purposes of drilling exploration wells within the framework of Rosneft’s projects in Vietnam. It is planned to drill two wells in Blocks 06.1 and 05-3/11 in the Nam Con Son basin offshore Vietnam in 2016.

Russia and China continue walking hand in hand toward stronger energy cooperation, with several Russian companies - Gazprom, Rosneft and Novatek - signing documents with Chinese partners over the last hours.

Buying crude oil from Russia allows China to ensure security of supply as cooperation between the two countries is likely "to gain new momentum," China National Petroleum Corp. Chairman Wang Yilin said Friday.

German chemicals group BASF and Gazprom agreed to revive a deal that collapsed in late 2014 to swap gas assets that will see BASF exit gas trading and storage and the Russian energy giant expanding into Western Europe, BASF said on Friday.

Сегодня во Владивостоке в рамках Восточного экономического форума Председатель Правления ПАО «Газпром» Алексей Миллер, Председатель Правления BASF SE Курт Бок, член Правления E.ON SE Клаус Шефер, заместитель генерального директора ENGIE Пьер Шарейр, Председатель Правления OMV AG Райнер Зеле, Главный управляющий директор Royal Dutch Shell Бен ван Берден подписали Соглашение акционеров для создания газопроводной системы «Северный поток 2» для увеличения поставок природного газа в Европейский союз.

Rosneft and Indian ONGC Videsh Limited during the Eastern Economic Forum signed the agreement of sale and purchase of 15% in Vankorneft and shareholders agreement in regard of the enterprise management. The document was signed by the Chairman of Rosneft Management Board Igor Sechin and Managing Director of ONGC Videsh Limited Narendra Verma.