“Now we are facing a stagnant demand both for oil and gas globally. These two commodities are providing 70% of Russian export and 50% of Russian federal budget revenues, so you can imagine how painful that is.”

Gazprom revived its contract with Italian contractor Saipem (controlled by state-run Eni SpA). The Milan-based company had signed two contracts worth €2.4 bn in total for the construction of an undersea pipeline and support services for construction of a second undersea pipeline, both part of much touted South Stream. The contract terms are now being renegotiated, so as to start construction in time for the 2016 deadline.

The most significant development on the supply side in 2014 was undoubtedly the continuing revolution in US shale. The US recorded the largest increase in oil production in the world, becoming the first country ever to increase average annual production by at least 1 million barrels per day for three consecutive years.

The Canadian Association of Petroleum Producers on Tuesday said it expects Canadian crude output—mostly from Alberta’s oil sands—to reach 4.96 million barrels a day by 2025. That forecast is less than the previous estimate of 5.6 million barrels a day and the 6.0 million barrels a day it had forecast back in 2013.

The collapse in crude prices will pinch Canada’s long-term oil output growth by more than a million barrels a day, highlighting the lasting impact of energy companies’ capital spending cuts, said an industry group in the world’s fifth-largest producer.

The European Union last October reached an outline deal on three 2030 targets to cut emissions by at least 40 percent versus 1990, improve energy savings to at least 27 percent and to increase the share of renewable energy to 27 percent.

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.

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.

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.

The volume of gas supply via the western route might be boosted to 60 and to 100 billion cubic meters of gas a year.

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.

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.

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.

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.

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