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.

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.

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.

Based on those trends, and even with the prospective increase in Iranian production, the oil market is likely to move closer into balance by the latter part of this year. That will still leave a significant inventory overhang that will take some time to work off. But it seems likely that the market will show at least some signs of turning by the end of this year.

Supply may exceed consumption by an average of 1.75 million barrels a day in the period, compared with an estimate of 1.5 million last month, and the excess could swell if OPEC adds more output, the IEA said. Iran raised production in January following the removal of international sanctions, Iraqi volumes reached a record and Saudi Arabia also ramped up output. The agency trimmed estimates for global oil demand.

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.

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

Brent crude oil prices are forecast to average $38/b in 2016 and $50/b in 2017.

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.

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.

“We are working on preserving our traditional markets and we will supply those markets with oil in a competitive battle,” Igor Sechin, Rosneft chief executive officer said in London today.

“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.

The Head of Rosneft noted that the demand for oil and oil products will be growing. The growth has become more diversified - China's role has diminished, but the share of India, other Asian countries and Africa is gradually growing. “More diversified growth seems more resilient, and confirms that many of the mentioned "threats" of reducing the role of oil in the world economy are largely exaggerated”- Sechin said. According to the Head of Rosneft, “an imbalance between oil supply and demand may significantly reduce already by the end of 2016, and by the end of 2017 even lack of oil supply is possible at the market”.

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.

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.

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%.

The world oil market is complex. Governments and private companies play various roles in moving oil from producers to consumers. Government-owned national oil companies (NOCs) control most of the world's proved oil reserves (75% in 2014) and oil production (58% in 2014). International oil companies (IOCs), which are often stockholder-owned corporations, make up the balance of global oil reserves and production. Proved oil reserves consist of the amount of oil in a given area, known with reasonable certainty, that current technology can recover cost effectively. Worldwide proved oil reserves in 2014 were almost 1.7 trillion barrels, and global oil production averaged roughly 93.2 million barrels a day.

After testing a 12-year low, the price of oil simply has to go up.That’s according to the chief executive officer of shipping and oil giant A.P. Moeller-Maersk A/S, who says 2015’s average crude price of $54 a barrel is too low for the industry to produce enough oil to satisfy global demand.