"Indonesian energy minister Sudirman Said met with Iran's oil minister Bijan Namdar Zangeneh last week. We [Indonesia and Iran] agreed on two things -- Indonesia to buy Iranian crude and Iran allows Indonesia to participate in upstream business there," Dadan Kusdiana, spokesman at the energy and mines ministry said Thursday.

The UK's new Conservative government is planning an energy bill to set up the new Oil and Gas Authority with the powers it needs to become a "robust, independent and effective regulator"

Total has achieved the significant milestone of producing a cumulative two billion barrels from its operated deep offshore Block 17 located 150 km off the coast of Angola. With the recent start up of CLOV, Block 17 has become Total’s most prolific site with production of over 700,000 barrels per day.

At the oil giant’s annual meeting on Wednesday in Dallas, CEO Rex Tillerson gave a stay-the-course outlook for the company, which has seen profits decline recently with lower prices for crude oil.

The Italian energy company Eni has discovered a gas and condensate deposit in the rich Bouri Field off the coast of Libya, the second such discovery of 2015. Both discoveries come as the North African country is engaged in a protracted civil war.

China’s CNPC said Tuesday that it has made the country’s first ever tight oil discovery to exceed 100 million tons.

LNG is expected to surpass iron ore as the second most valuable physical commodity after oil this year, according to analysts at Goldman Sachs, who predict it will top $120bn.

Russian natural gas producer Gazprom put Ukraine's total gas debt at almost $29.5 billion on Thursday, ratcheting up pressure in a gas pricing dispute with the country, which is fighting a pro-Moscow rebellion on its eastern outskirts.

The US and EU sanctions are primarily targeted at the country's oil industry, for very obvious reasons. Russia provides about 30% of Europe's gas, so it's simply not in the EU's interests to compromise Gazprom's ability to produce and export gas.

U.S. Rig Count is down 10 rigs from last week to 875, with oil rigs down 13 to 646, gas rigs up 3 to 225, and miscellaneous rigs unchanged at 4.

An increasingly assertive China has warned that World War 3 is "inevitable" unless the United States stops meddling in the South China Sea affairs. Earlier this week, the People's Liberation Army (PLA) said in a new white paper that it is going to up the ante in the South China Sea. In a sign of its growing self-confidence, Beijing said that it would now focus less on defensive capabilities, and step up efforts to build offensive capabilities.

Real gross domestic product -- the value of the production of goods and services in the United States, adjusted for price changes -- decreased at an annual rate of 0.7 percent in the first quarter of 2015, according to the "second" estimate released by the Bureau of Economic Analysis. In the fourth quarter, real GDP increased 2.2 percent.

Greece's energy minister has discussed in Moscow the construction of a pipeline that will transport Russian gas to Europe through its territory, the Greek energy ministry said on Saturday.

U.S. shale oil producers, having weathered the worst price plunge in their industry's brief history, now face a dilemma: whether to stay in a defensive crouch after slashing their rig fleets, or start drilling more wells to capture a partial recovery in prices.

State-owned Indian Oil Corp (IOC) on Friday said it has signed an interim agreement to buy 0.7 million tonnes (MT) per year of LNG from US on a long-term contract beginning 2018.

OAO Gazprom, the biggest natural gas producer, will probably see lower gains in Europe for at least four years as weaker oil prices and rising competition threaten to further cut its profits, a government forecast showed.

The top oil officials of Iraq and Venezuela said on Wednesday that $75 to $80 a barrel was now a "fair" price for oil, reflecting an emerging consensus on a possible equilibrium for volatile markets.

Russian oil output remained unchanged in May at a post-Soviet high of 10.71 million barrels per day (bpd), Energy Ministry data showed on Tuesday, three days before OPEC meets to decide on output levels.

Russia's Gazprom plans to start building a pipeline to Turkey this month to get gas to Europe without going through Ukraine, company sources said, although it has no firm agreement with Ankara and faces opposition from the European Union.

China started construction last week of a pipeline to receive Russian gas, Russian state gas company Gazprom said on Tuesday.