Saudi Arabia and Russia, the world’s two largest crude producers, agreed to freeze output after talks in Qatar.

Oil giant Rosneft is interested in the privatization of Saudi Arabia’s national petroleum company Saudi Aramco, according to Rosneft CEO Igor Sechin who made the statement at the International Petroleum Week forum in London.

The first was that Europe has a multiplicity of suppliers and that, in terms of gas at least, its energy security is good; the second is that Statoil does not pursue a market share policy but instead focuses on the need for a predictable market environment to enable it to maintain current levels of piped gas deliveries to Europe for the next 20 years or so.

The first shipment of Iranian crude oil to the European Union in more than three years is poised to depart as soon as Monday, Iranian officials said.

China's crude oil imports fell 20 percent in January from record high volumes the previous month to their lowest level since October, official customs data showed on Monday.

From February 15, BG Group is part of Royal Dutch Shell. This combination brings together two world-class portfolios creating a more competitive company. We have acquired productive oil and gas projects across countries including Brazil and Australia and will be able to shape a simpler, leaner company. Together we will focus on our core expertise in deep water and liquefied natural gas (LNG).

Net income from continuing operations for the year was a loss of $329.5 million, or ($1.14) per diluted share, compared to a loss of $669.3 million, or ($2.28) per diluted share, in FY 2014.

The price for light, sweet crude oil for March delivery dropped more than $1 on the New York market Feb. 11 to settle at $26.21/bbl, the lowest settlement since May 6, 2003. But oil prices appeared to be climbing in early trading on Feb. 12 after news reports of comments about possible production cuts.

Global energy demand between 2014 and 2035 is expected to rise 34%, an average of 1.4%/year, with fossil fuels remaining the dominant form of energy over the period.

The world oil market is complex. Governments and private companies play various roles in moving oil from producers to consumers. Government-owned national oil companies (NOCs) control most of the world's proved oil reserves (75% in 2014) and oil production (58% in 2014). International oil companies (IOCs), which are often stockholder-owned corporations, make up the balance of global oil reserves and production. Proved oil reserves consist of the amount of oil in a given area, known with reasonable certainty, that current technology can recover cost effectively. Worldwide proved oil reserves in 2014 were almost 1.7 trillion barrels, and global oil production averaged roughly 93.2 million barrels a day.