The international rig count for August 2016 was 937 down 1 from the 938 counted in July 2016, and down 200 from the 1,137 counted in August 2015. The international offshore rig count for August 2016 was 228, up 2 from the 226 counted in July 2016, and down 42 from the 270 counted in August 2015.

“Iran wants a stable market and therefore any measure that helps the stabilisation of the oil market is supported by Iran,” Mr Zanganeh said. “We support oil prices between $50 and $60 per barrel.”

Supplies from the Organization of Petroleum Exporting Countries rose by 120,000 barrels a day to average 33.69 million a day in August amid increases by Iran, Iraq and Kuwait, the survey of analysts, oil companies and ship-tracking data showed. The group is due to hold informal talks in three weeks in Algiers, where Russian President Vladimir Putin says an agreement can be reached to limit output.

Asia's net oil imports surpassed the total amount of oil consumed in North America in 2015 and are set to rise after producers slashed spending on exploration and production on low oil prices, leaving oilfields at risk of sharp production declines in the next decade.

“There are no easy buttons to push. It’s not simply about the oil price, the Paris Agreement or the still incomplete single market. It’s about the interdependencies and how these factors amplify each other. At the end of the day, economic as well as social and ecological interests must be in balance with supply security in Europe.”

Chevron Corporation (NYSE: CVX) announced that its wholly-owned subsidiary, Chevron U.S.A. Inc., has signed a binding LNG Sales and Purchase Agreement (SPA) with ENN LNG Trading Company Limited (ENN) for the delivery of liquefied natural gas (LNG) to China from Chevron’s global supply portfolio. Under the terms of the SPA, ENN will receive up to 0.65 million metric tons per annum (MTPA) of LNG over 10 years, with the first delivery expected to start in 2018 or the first half of 2019.

In recent years, given the huge potential in Indonesia LNG market, JSK has ventured into the LNG supply chain. Recently, it was awarded the LNG re-gasification and storage contracts to support a gas-fired power plant in Bali, Indonesia. Following the successful completion of the deal, Coastal Contracts would have joint control over JSK Gas’s operating subsidiaries and assets. JSK Gas, through its 99% owned subsidiary Benoa Gas Terminal (BGT), would be engaged in the operations and transfer of a floating LNG regasification unit over a five-year contract period.

With oil prices down by more than half since the price collapse two years ago, drillers have cut their exploration budgets to the bone. The result: Just 2.7 billion barrels of new supply was discovered in 2015, the smallest amount since 1947. This year, drillers found just 736 million barrels of conventional crude as of the end of last month.

“The Alaska LNG project is one of the least competitive on a cost of supply basis compared with other”

U.S. production is a clear factor in lower global crude prices, which has translated into lower energy costs for individual Americans and families. Year-over-year U.S. gasoline prices have declined by almost 50 cents per gallon, due in large part to the decline in the price of crude oil.

Japan, South Korea, and China are the three largest importers of liquefied natural gas (LNG) in the world, accounting for more than half of global LNG imports in 2015. Combined LNG imports in these countries averaged 18.2 billion cubic feet per day (Bcf/d) in 2015, a 5% (0.9 Bcf/d) decline from 2014 levels and the first annual decline in these countries' combined LNG imports since the global economic downturn in 2009.

It suggests that crude oil could be entering a more stable trading range of $50-$70/barrel rather than falling back below $50 again for a significant period.

In the year through June, China's gas consumption rose 9.8 percent to 99.5 bcm, the National Development and Reform Commission (NDRC) reported. Production edged up 2.9 percent to 67.5 bcm, while imports jumped 21.2 percent to 35.6 bcm, the top planning agency said.

Amid all the gloom inflicted by adverse market conditions, intense focus on efficiency improvement emerges as a bright underlying theme. With oil prices now $50./b after hitting a low of $27 a barrel in January, the expectation is that some stability may finally be returning to the market. Higher oil price is certainly a positive for producers.

This summer the U.S. oil price has whipsawed from more than $50 a barrel in June to below $40 earlier this month. In the past two weeks it has risen more than 20%, to a recent $48.22 a barrel.