Russia will lose about 160 billion US dollars in oil export earnings in a year if oil prices are at 45 USD a barrel.
The largest floating oil terminal of the world went on stream on Sunday in the Persian Gulf in Iran's Soroush oil fields after 12 years of non-stop construction work.
Egyptian officials are finalising a gas deal with Russian energy giant Gazprom.
The global oil exporter countries faced this winter the lowest oil prices in five years, but Azerbaijan's state budget, being the largest economy in the South Caucasus which relies on oil for most part of its state revenue, will be fine in 2015.
Germany’s economy ministry approved the sale of utility RWE’s oil and gas unit DEA to a Russian investor despite tensions between Russia and the West over the Ukraine crisis.
The European Parliament has adopted a symbolic resolution opposing the South Stream gas pipeline and recommending a search for alternative sources of gas supplies for the EU.