Oil anchors world financial markets, and Opec has just decided to raise its anchor. The consequences could be profound, and go far beyond the power game between the traditional oil producers in the Middle East and the new generation of shale producers in North America.

Opec threw down the gauntlet to US shale oil producers by deciding not to cut its production, in a move that sent the oil price tumbling by more than 8 per cent to a four-year low.

The International Energy Agency’s chief economist on Friday urged oil producers to boost investment in new projects to meet an anticipated rise in demand, a move that he said may avoid oil price spikes in coming years.

В США снижаются темпы роста добычи сланцевого газа, и нет прогресса в освоении его ресурсов в других странах

Важную роль в стабильном газоснабжении Турции играет газопровод «Голубой поток», по которому с момента начала коммерческих поставок протранспортировано около 110 млрд куб. м газа. Участники встречи особо подчеркнули, что экспорт российского газа по данному маршруту стабильно увеличивается и имеет дальнейший потенциал роста. В этой связи стороны подтвердили заинтересованность в увеличении мощности «Голубого потока» на 3 млрд куб. м.

ОАО «НК «Роснефть» и Total S.A. подписали Основные условия приобретения «Роснефтью» доли 16,67% в нефтеперабатывающем заводе в г. Шведт, Германия (PCK Raffinerie GmbH). Подписи под документами в Сочи поставили Глава «Роснефти» Игорь Сечин и Главный исполнительный директор Total S.A. Патрик Пуянне.

Gulf stock markets plunged on Sunday after OPEC's decision to keep crude output unchanged sent oil prices tumbling at the end of last week.

After the failure of its risky exploration strategy this year, Norwegian oil firm Statoil is cutting costs as fast and deep as it can to preserve cash for dividends

China also has promised more than $120 billion since May to Africa, Southeast Asia and Central Asia, including a $40-billion New Silk Road fund and a $50-billion Beijing-backed Asian Infrastructure Investment Bank.

Russia did not ask OPEC for production cuts.

Russia urges EU to lift sanctions, promises to waive counter-measures

ОПЕК поставила нефтяную отрасль перед сложным выбором

Norway’s oil fund can carry on investing in oil.

Gazprom, the state gas company, has been at the forefront of Moscow’s push to expand its influence into the Balkans – a region beset with economic and political difficulties.

Schlumberger , the world’s largest oil services group, is cutting back its fleet for offshore geological surveys and taking an $800m writedown on the value of its ships, in the first significant cutback in the industry following the recent fall in crude prices.

Demise of South Stream big setback for Putin. Russia’s deal with Turkey cannot be deemed a serious replacement.

After OPEC’s announcement last week that it would not be cutting production, oil prices fell dramatically.

Bulgaria’s Government will do all it can to support the realisation of the South Stream gas pipeline project due to its immense economic importance and despite the infringement procedure against Sofia for suspected public procurement law breaches.

U.S. crude oil and lease condensate proved reserves rose for the fifth consecutive year in 2013, increasing by 9% from the 2012 level to 36.5 billion barrels,

Shares in Vladimir Yevtushenkov’s Sistema Group fell more than 35 per cent this week, amid growing concern that Russian investigators will try to reclaim Rbs140bn ($2.7bn) in dividends that the group has received from its oil company Bashneft .