The executives predicted slower growth as “they forecast oil prices to take a long time to rebound to US$70 per barrel,” the point at which prices started to plunge two years ago, said Wu Yi, DNV’s business development manager for China, South Korea and Japan.

EIA forecasts Brent crude oil prices to average $55/b in 2017 and $57/b in 2018. West Texas Intermediate (WTI) crude oil prices are forecast to average about $1/b less than Brent prices in 2017. The NYMEX contract values for April 2017 delivery traded during the five-day period ending February 2 suggest that a range from $45/b to $65/b encompasses the market expectation of WTI prices in April 2017 at the 95% confidence level.

Saudi Arabia's crude oil supplies to Japan rose to a 10-year high in 2016, underlining the kingdom's strong will to defend its share in the ever competitive Asian markets.

The U.S. Census Bureau and the U.S. Bureau of Economic Analysis, through the Department of Commerce, announced today that the goods and services deficit was $44.3 billion in December, down $1.5 billion from $45.7 billion in November, revised. December exports were $190.7 billion, $5.0 billion more than November exports. December imports were $235.0 billion, $3.6 billion more than November imports.

Japan is putting together a package of plans for Japanese companies to invest in infrastructure and job-creation projects in the United States. Japan is the world's biggest buyer of the gas cooled to liquid form for transport on ships and takes in nearly a third of global shipments.

With India's oil demand showing no signs of slowing, which in turn is attracting a lot of multinational firms to set up shop in the country, the government is stepping up efforts to ensure that state-run oil companies are on equal footing to compete, not just with domestic private players but also with global oil firms.

U.S. Rig Count is up 158 rigs from last year's count of 571, with oil rigs up 116, gas rigs up 41, and miscellaneous rigs up 1. Canadian Rig Count is up 101 rigs from last year's count of 242, with oil rigs up 66 and gas rigs up 35.

Light, sweet crude oil prices on the New York market and Brent crude oil prices on the London market surged by more than $1/bbl on Feb. 1 as traders and analysts shrugged off a big jump in the US oil inventory report.

Brent crude was up 50 cents at $57.30 a barrel by 1115 GMT (6:15 a.m. ET) after settling up $1.22 in the previous session. U.S. light crude gained 30 cents to $54.18 after climbing by $1.07 on Wednesday.

A measure of oil volatility last month averaged the lowest in more than two years and futures in New York have been stuck between $50 and $55 a barrel since OPEC and other producing nations agreed Dec. 10 to reduce output. Price estimates compiled by Bloomberg show crude will average $52 during the first quarter this year, rising to $58 in the last three months of 2017.

China's apparent oil demand slipped into the negative territory in 2016, a sharp reversal from the near 7% growth witnessed a year earlier, as the country's slowest GDP growth in 26 years slashed appetite for industrial and transportation fuels in Asia's biggest oil consuming nation.

Global oil and gas deal activity in 2016 recovered from a slow start to the year with help from the announcements of midstream and oilfield services (OFS) megadeals. Deal value increased in 2016 to US$395 billion from US$340 billion in 2015, while deal volume fell by 27% year-on-year.

Brent crude oil LCOc1 was down 20 cents a barrel at $55.03 by 0900 GMT. U.S. light crude CLc1 was down 30 cents a barrel at $52.33.

London Brent crude for March delivery had dropped 28 cents to $55.24 a barrel by 0657 GMT, after settling down 72 cents on Friday. NYMEX crude for March delivery was down 23 cents at $52.90 a barrel.

Igor Yusufov, Russia’s energy minister from 2001 to 2004, said U.S. shale producers wouldn’t attempt to enter core OPEC and Russia markets where prices are too low for them to compete. “The fact is that shale oil and gas are doing well in markets that start from a certain price,” he said in an email exchange with The Wall Street Journal.