U.S. monthly crude oil production in December 2015 continued to decline, as oil production reached its lowest level since November 2014. Production also declined from year-ago levels for the first time in more than four years. This continued production decline is the result of lower crude prices, which have declined more than 70% since the summer of 2014.

At low oil prices, customer choice rather than strategic Russian decision-making would allow Russia to retain over 30% of the roughly 490bn m³/yr European market and threaten US LNG export volumes.

Brent crude futures LCOc1 were at $40.88 per barrel at 0339 GMT, down 19 cents from their last close.

The International Energy Agency estimates that over $25 trillion of investment will be needed in oil and gas supply alone from 2015 to 2040. So the long-term investment case for oil and gas remains strong, despite the fall in oil prices over the last 18 months. The concern is that prices seen in late 2015 and early 2016 may be too low to spur investment in projects that are needed to ensure long-term supplies. Without sufficient investment, the risk of demand exceeding supply will increase.

Net Benefits of Prolonged Drop in Oil Prices Diminish or Turn Negative for Some Sectors.

Additional regulations on methane by the administration could discourage the shale energy revolution that has helped America lead the world in reducing emissions while significantly lowering the costs of energy to consumers. The administration is catering to environmental extremists at the expense of American consumers.

Government said on Thursday it hoped to unlock gas and oil resources worth almost $40 billion by simplifying licensing rules and offering price incentives to recover gas from difficult offshore fields.

Oil prices have rallied by almost 50 per cent since dropping below $30 a barrel in January, tempting producers to grab any price that will allow them to keep operating through the worst commodity crash in more than 20 years.

“We need contracts, tenders and technology,” he said, describing Iran as a “garden” in need of nourishment. “Money for the Iranian economy is like water.”

U.S. Rig Count is down 9 rigs from last week to 480, with oil rigs down 6 to 386, and gas rigs down 3 to 94. Canadian Rig Count is down 31 rigs from last week to 98, with oil rigs down 22 to 28, and gas rigs down 9 to 70.

The data was revealed with the release of the Government Expenditure & Revenue Scotland (GERS) on March 9. According to that data, North Sea oil and gas revenue fell by 55% between the fiscal years 2013-2014 and 2014-2015. The revenue for 2014-2015 was just £2.25bn, less than half of the £4.8bn recorded in 2013-2014, and less than a quarter of the £10.9bn recorded in 2011-12.

The suppliers were chosen after a tender award. The tender covers 2,500 km of large-diameter pipes with a total weight of roughly 2.2mn metric tons. In an announcement on March 11, the consortium said that it had chosen three firms for the supply: Germany-based Europipe for 40% of the required steel pipes; Russia's United Metallurgical Company (OMK) for 33%; and Russian firm Chelyabinsk Pipe-Rolling Plant (Chelpipe) for the remaining 27%.

Looking at the outcome of the sensitivities Mr Tomnay offers in closing: “Russia's export strategy will be a key determinant of US LNG export capacity utilisation, but the Russian pursuit of European market share to drive out US LNG from Europe seems either uneconomic and/or impractical under different external conditions. Instead other factors such as the price of US gas, oil and European coal prices will likely be greater determinants of US LNG export capacity utilisation. Subject to these factors alone, average utilisation of US LNG export capacity between 2017-20 could vary from 54-100%. For US LNG exporters, the best thing to happen would be for global coal prices to rise, or for US gas prices to stay low."

Иран приглашает российские нефтяные компании в проекты по повышению эффективности действующих месторождений и в разработке новых проектов. В настоящее время российская сторона ожидает предоставления условий нового контракта.

Рост поставок сырой нефти из России в Китай составил 17,5 % по сравнению с аналогичным периодом 2014 г. Всего в 2015 г. в КНР поставлено 26,68 млн тонн нефти.

This is American energy security, American jobs, U.S. government revenue and American GDP tied up by political red tape. This is a once in a generation opportunity, stuck, off limits to future generations as it waits for forward-looking energy policy.

U.S. companies are welcome to invest in Iran's oil and gas industry, the Iranian oil minister said.

Rosneft, Oil India, Indian Oil and Bharat Petroresources signed a Heads of agreement in respect to the acquisition by a group of Indian investors of a 23,9% share in Vankroneft. The document envisages the possible execution of legally binding documents with regard to the sale and purchase transaction.

Exploiting its proximity to northern Asia and the collapse of the rouble against the U.S. dollar, Russia has become the fastest growing oil supplier to Asia at a time when Middle East exporters are distracted by internal strife and competition from U.S. shale producers.

Britain's finance minister George Osborne will cut taxes by 1 billion pounds ($1.41 billion) over five years for energy companies pumping oil from the country's North Sea fields, in a boost for an industry suffering low crude prices.