Greece expected to sign a memorandum on Turkish Stream during the St. Petersburg International Economic Forum, which will be held June 18-20.

U.S. oil production has grown rapidly in recent years. EIA data, which reflect combined production of crude oil and lease condensate, show a rise from 5.6 million barrels per day (b/d) in 2011 to 7.5 million b/d in 2013, and a record 1.2 million b/d increase to 8.7 million b/d in 2014.

Nearly a year after oil markets entered a deep downward spiral, unmoored from the $100-a-barrel mark that had anchored them for years, some OPEC members are publicly talking for the first time about a new "fair" price for their crude.

Russia is still likely to be Europe's biggest supplier of gas. Volume-wise, no one will be able to compete with Russia in Europe, at least for the next two decades.

There will be no US-style shale gas revolution in Europe, the president of the International Gas Union (IGU) has told

Wintershall will continue investing in its core regions, with Russia remaining the most important area for the company.

Examining the essential gas transmission infrastructure projects in Europe alone - without taking into account the upstream sector – according to the European Commission, investments of at least 70 billion EUR are required by 2020, while EU funding will provide €4.7 billion for both gas and electricity PCIs between 2014 and 2020, subject to final approval of the European Fund for Strategic Investments (in 2015).

The agreement struck between the five permanent members of the UN Security Council plus Germany (P5+1) and Iran on March 2 paved the way for a comprehensive deal to begin lifting sanctions in late June. Iran has been off limits to most foreign investors for nearly a decade. Unsurprisingly, it is regarded as El Dorado by many international corporations, particularly those in the energy sector.

Falling oil prices have resulted in much lower gas prices in many parts of the word. As a result, gas demand is enjoying the tailwind of substantial price drops while the upstream sector is suffering amid large capital expenditure cuts.

В ближайшей перспективе объемы поставки газа по „западному“ маршруту могут быть увеличены до 60 и до 100 млрд куб. м газа в год.

Exxon is the world’s largest listed energy group, and like all big international oil companies it is facing structural challenges that make it difficult for it to grow. Stability while throwing off a lot of cash may be the best they can do.

OPEC oil ministers expressed optimism about their strategy of pumping more crude oil and fighting for market share, amid expectations they will stick to their production target when they meet at the end of the week.

Compared with 2014, IHS expects investment capital in US shale oil plays to be 65% more efficient at the start of 2016 than the start of 2015 due to compounding productivity and cost cuts

The outlook in the U.S. Texas oil and gas sector remains negative as most companies expect low capital spending in 2016, the Dallas Federal Reserve said.

Slovakian Prime Minister Robert Fico met with Russian Prime Minister Dmitry Medvedev in Moscow and proposed a plan that would transfer gas from the Turkish border through Bulgaria, Romania, Hungary and Slovakia, thereby bypassing Greece.

U.S. Rig Count is down 7 rigs from last week to 868, with oil rigs down 4 to 642, gas rigs down 3 to 222, and miscellaneous rigs unchanged at 4.

If Greece withdraws from the Turkish Stream project, which is planned to transfer Russian natural gas to Europe via the Turkish-Greek border, the U.S. will expect the International Monetary Fund (IMF) to reward Greece.

Oil & gas output from ultra-deepwater (>1,000m water depth) fields will continue the relentless growth seen in recent years. In the latest World Drilling & Production Forecast, Douglas-Westwood predict combined oil & gas production from such fields will grow 7.7% year-on-year over 2015-2021 from 6.5 mboe/d to 10.2 mboe/d.

Russia will begin importing Iranian oil under a long-heralded oil-for-goods barter arrangement in the coming week, Iran's oil minister was quoted as saying, more than a year after negotiations began.

ConocoPhillips announced that is was withdrawing from shale gas exploration in Poland.