The number of rigs running in the US to drill the horizontal wells used for shale oil production has been rising since May. At 272 last week it was at its highest level since early April, according to Baker Hughes, the oilfield services company.

Indonesia's state-owned oil and gas company Pertamina will seek partners to build a strategic petroleum reserve of about 25 million barrels to ensure energy security.

About $5 trillion in ship-borne trade passes every year though the energy-rich, strategic waters of the South China Sea, where China's territorial claims overlap in parts with Vietnam, the Philippines, Malaysia, Brunei and Taiwan.

U.S. crude was down 23 cents at $46.37 a barrel at 0158 GMT. The contract fell 5 percent to end at $46.60 on Tuesday as U.S. investors digested news of an OPEC increase in production after the July 4 holiday on Monday closed trading. Brent futures were down 18 cents at $47.78. On Tuesday they settled down 4.3 percent at $47.96 a barrel.

"The Future Growth and Wellhead Pressure Management Project represents an excellent opportunity for the company," said Chevron Chairman and Chief Executive Officer John Watson. "The project builds on a record of strong performance at Tengiz and will add value for Chevron and its stockholders."

Eni is the operator of the giant Zohr field offshore Egypt, which is close to the boundary with Cyprus. It is due to start up in 2017, with domestic demand expected to account for some of the output.

Kuwait's budget deficit reflects the impact lower oil prices have had on crude exporters, particularly Gulf Arab monarchies that rely on oil revenues to support generous subsidies, welfare benefits and public sector wages.

Directors emphasized the need for continuing structural reforms to support a successful transition and improve the efficiency of the economy. They saw merit in continued restraint in wage settlements and further reforms to reinvigorate productivity growth. Aligning public sector pensions with recent private sector reforms and reforms to sickness and disability pensions could increase labor force participation. Directors also saw scope for efficiency gains from reducing tax preferences for owner-occupied housing and relaxing supply restrictions in the housing market.

WHILE politicians run around like headless chickens, the Bank of England, at least, is trying to stabilise the British economy. Within hours of the announcement of the EU referendum result, Mark Carney, the bank’s governor, reassured investors that the economy was sound. And on July 5th, through a piece of arcane but important financial regulation, the bank took the first real step to promote financial stability when it announced the relaxation of capital requirements for banks, in a bid to stave off a credit crunch.

In the week ending Monday, the average UK pump price of unleaded gasoline (ULSP) was 111.65p/liter, up 0.21 p/liter week on week. The price of diesel (ULSD) was 112.86 p/liter, up 0.30 p/liter on the week.

Russia is on course to post its widest budget deficit since 2010 after oil prices tumbled to a 12-year low in January, reducing revenue for the state budget in the world’s largest energy exporter.

The Canadian dollar is expected to weaken further over the coming months as Britain's vote to leave the European Union boosts the U.S. dollar and with oil prices set to remain weak.

Gross Australian LNG production increased by 53.2% in the March quarter to 10.1 MMt with the ramp-up of production from Australia Pacific LNG (APLNG) and Golar LNG (GLNG) projects in Queensland and the first cargo from the Gorgon project in Western Australia. The country's LNG exports reached 3.8 MMt during the same period, while Russia's LNG exports totaled 2.5 MMt.

The Association of Southeast Asian Nations’ 10 fast-growing members, with a combined $2.6 trillion economy, dire energy needs and rising military budgets, are a prime market for Russia’s top exports: hydrocarbons, energy technology and weapons.

The world’s top energy exporter is enduring the longest economic downturn of Putin’s 16-year rule. It relies on crude oil export duties and extraction taxes for about 23 percent of its budget. The government is running the widest deficit since 2010 after a slump in oil prices and is looking for options to cover the gap, including selling state assets, cutting spending and discussing a tax overhaul.

Japan's crude imports from Iran recovered to pre-sanction levels in May, importing 307,691 b/d, up 61.2% year on year and up from 19,161 b/d in April, according to preliminary data released June 30 by the Ministry of Economy, Trade and Industry.

The amount of LNG volume delivered to South Asia (India, Pakistan) from Qatar during the first half of the year climbed almost 50% year on year, taking advantage of weaker demand from East Asia (Singapore, Malaysia, Taiwan, Thailand, Japan, South Korea, China) and higher Qatari output.

Eni engineering and construction subsidiary Saipem on Thursday announced the award of offshore engineering and construction contracts with a combined value of more than USD 1.5 billion, including work related to the Zohr gasfield development project in Egyptian waters.

After half a year of strong oil price rises, Asian crude demand is slowing and by some measures falling, and many market participants suspect it is not just a cyclical phenomenon, but also a product of more permanent structural changes.

Two projects worth $45 billion announced this month show the world’s largest oil companies are regaining the confidence to make big investments, emboldened by rising crude prices and low costs that promise to trigger more expansion ahead.