The crisis has crept up in recent weeks amid wrangling by national fuel marketers over more than $1bn in alleged outstanding payments by the outgoing administration of President Goodluck Jonathan.

Nigeria earns 75% of its budget from oil. The country uses much of that revenue to subsidize fuel prices. Nigerians buy gasoline for just $1.65 a gallon. To the companies that sell fuel to Nigeria, the government pledges to pay the difference between that price and the market rate within 45 days.

Turkmenistan is systematically increasing the volumes of contracts for the gas supply to China. And taking into account the growing demand for gas in China, the gas supplies from Turkmenistan to China will continue to grow.

OAO Rosneft may have to turn to competitors to buy natural gas and state aid to help honor a $50 billion contract it won away from OAO Novatek three years ago, according to two people with knowledge of the matter.

Millions of barrels of untapped oil that U.S. shale drillers discovered during the boom years are about to disappear from their inventories.

To ensure one of the most valuable parts of the gas sector is protected, assigning responsibility and ensuring a fair price for gas storage operators may prove essential to the continent’s security of supply.

To help Gazprom reach Central European markets, Russia has advocated the construction of a pipeline that would run from Greece to Macedonia, Serbia and Hungary

Условия программы кредитования Греции по линии МВФ вряд ли позволят стране обратиться к России за финансовой поддержкой строительства газопровода от трубопровода "Турецкий поток", сообщил журналистам замминистра финансов России Сергей Сторчак.

Экспорт нефти из России в первом квартале 2015 года увеличился на 12,8% по сравнению с аналогичным периодом 2014 года - до 59,3 миллиона тонн, сообщает Росстат.

China's April imports of crude oil from Middle East suppliers rose 10% year on year to a record high of 16.61 million mt or 4.06 million b/d, led by Saudi Arabian supply, according to detailed data released Saturday by the General Administration of Customs.

The total volume of Egypt’s investments projected for the drilling and extracting natural gas has reached US$13 billion

“Geopolitical turmoil that takes foreign oil supplies offline can be difficult to predict or control, but the U.S. will always have control over how much energy we produce here at home. With the right policies, our energy renaissance can endure for decades and help even more families afford to take a vacation on Memorial Day weekend.”

Russian energy company Gazprom has made it clear that it intends to move forward with the construction of the Turkish Stream natural gas pipeline as quickly as possible, whether or not the project can overcome political obstacles in Europe.

Hungary, Romania, Bulgaria and Slovakia will sign an agreement to interconnect their natural gas networks whih to allow also the reverse transit, announced on Thursday night the Hungarian minister of Foreign Affairs and Trade Peter Szijjarto on the Hungarian public television station M1, MTI reports, according to Mediafax.

BHI Rig Count: U.S. -3 to 885 rigs