In 2015, the seven biggest publicly traded Western energy companies, including Exxon Mobil Corp. and Royal Dutch Shell PLC, replaced just 75% of the oil and natural gas they pumped, on average, according to a Wall Street Journal analysis of company data. It was the biggest combined drop in inventory that companies have reported in at least a decade.

U.S. crude production is forecast to drop from 9.4 million barrels per day in 2015 to 8.7 million bpd in 2016 and 8.2 million bpd in 2017.

Europe and Russia are each trying to diversify—the first by getting more gas suppliers, and the second by trying to sell more gas to China and East Asia.

“Low oil prices fuel a reduction in risk-taking, and when there is less risk-taking, asset prices will fall. It can lead to a downward asset price spiral,”

“We furnish 20 percent of China’s crude oil imports – about one million barrels a day. But there’s a significant gap in what we are doing now, and what we can offer,” Nasser said. “Our investments in China’s entire oil value chain – integrating supply, refining, chemicals, lubes, distribution and marketing – don’t match our supply.”

Gasoline production is set to grow in 2016 due to the commissioning of Indian Oil Corp.'s 2.9 million mt/year continuous catalytic reformer at its greenfield 15 million mt/year (300,000 b/d) Paradip refinery, and completion of Bharat Petroleum Corp. Ltd.'s gasoline capacity expansion at its Kochi refinery by 6 million mt/year to 15.5 million mt/year (310,000 b/d) sometime in May.

Europe’s leaders have long been hoping that U.S. shale gas would help the bloc reduce its reliance on gas from Russia, which provides around a third of the region’s supplies. The ethane from Ineos’s shipment won’t be a substitute for Russian gas, which is mostly methane, but it will help to lower prices in the European market, said Karen Sund, partner at Norway-based Sund Energy consultancy.

Goods exports decreased to $1,513.5 billion from $1,632.6 billion, the first decrease since 2009. The largest decrease—which accounted for more than two-thirds of the total decrease in goods exports—was in industrial supplies and materials. The decrease was mainly due to a decrease in petroleum and products.

The total US rig count, which on Friday stood at 476, is now at its lowest point ever in the 67-year history of the Baker Hughes numbers, according to data released by the oilfield service company.

This supply growth, with ebbs and flows, is likely to continue. The Russian medium- to long-term optimism is that gas will be a growth fuel – a clean, adaptable C02-light fuel that could replace coal across the world into the 2020s.

The Central Government of the People's Republic of China (PRC), as part of the country's 13th Five-Year Plan, has implemented a 50% increase, from $0.87 per thousand cubic feet (Mcf) to $1.31/Mcf, in the level of cash subsidy to be paid per Mcf paid for coalbed methane (CBM) produced, according to Green Dragon Gas Ltd., one of the largest independent companies involved in the production and sale of CBM gas in China.

U.S. Rig Count is down 4 rigs from last week to 476, with oil rigs up 1 to 387, and gas rigs down 5 to 89. Canadian Rig Count is down 29 rigs from last week to 69, with oil rigs down 16 to 12, and gas rigs down 13 to 57.

Central to Russia’s priorities is maintaining stable energy supplies both internally and to its external markets and customers. This goes hand-in-hand with energy security, availability and affordability and of course to ensure stability of demand. The 2030 target is to maintain a 10% share of global oil trade and 20% of natural gas.

Analysts estimate that between 15 and 20 percent of 2016 U.S. oil production is hedged, and as little as 2 percent for 2017.

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.