The US and EU sanctions are primarily targeted at the country's oil industry, for very obvious reasons. Russia provides about 30% of Europe's gas, so it's simply not in the EU's interests to compromise Gazprom's ability to produce and export gas.

LNG is expected to surpass iron ore as the second most valuable physical commodity after oil this year, according to analysts at Goldman Sachs, who predict it will top $120bn.

OPEC, which controls a third of the global oil market, and Russia, which produces another 12 percent, are unlikely to reverse their output strategy.

Norway's previously long-standing cordial relations with Russia have deteriorated to the point that there is a real chance that simmering feelings could escalate, leading to a breakdown of cooperation in the oil and gas sector, writes Platts.

The European Union is forging, albeit with considerable debate and obstacles due to the national strategies of its member states, a long-term Energy Union that has natural gas as its basic component. EU energy diversification tools, which include LNG, see LNG steadily emerging as a basic method to achieve its Energy Union goals.

Discoveries of natural gas offshore Israel signalled the eastern Mediterranean as a new frontier for the development of natural gas resources. The gas discoveries provide a unique opportunity for Israel to change its mentality vis-à-vis neighbouring countries and view the resources as a tool for strengthening regional cooperation and solidarity through energy diplomacy. While security concerns in Israel remain paramount, diplomacy in the context of the eastern Mediterranean transcends traditional foreign and security policy considerations, and attempts to use economic and commercial means to interlink the countries of the region through energy relations.

Crude oil prices are still about half their value compared with a year ago, but the now prolonged slump is unfolding such that another rise could be on the horizon

Turkmenistan is systematically increasing the volumes of contracts for the gas supply to China. And taking into account the growing demand for gas in China, the gas supplies from Turkmenistan to China will continue to grow.

Millions of barrels of untapped oil that U.S. shale drillers discovered during the boom years are about to disappear from their inventories.

Russian energy company Gazprom has made it clear that it intends to move forward with the construction of the Turkish Stream natural gas pipeline as quickly as possible, whether or not the project can overcome political obstacles in Europe.

Prices have also risen with internationally traded Brent recovering from a six-year low near $45 a barrel in January to $64.90 on Wednesday.

U.S. economy is thought to have shrunk in the January-March quarter and may barely grow for the first half of 2015 — thanks in part to sharp cuts in energy drilling. And despite their savings at the gas pump, consumers have slowed rather than increased their spending.

Analysts at Moody’s predict that the default rate for oil and gas companies with lower credit ratings — B2 or lower — could increase to 7.4% by March 2016 from 2.7%.

The World Bank’s private lending arm is targeting investments in natural gas companies in China, the largest growing market for the fuel.

U.S. net imports of natural gas decreased 9% in 2014, continuing an eight-year decline. As U.S. dry natural gas production has reached record highs, lower domestic prices have helped to displace natural gas imports. Net natural gas imports (imports minus exports) totaled 1,171 billion cubic feet (Bcf) in 2014, the lowest level since 1987.