Crude oil production in October from seven major U.S. shale plays is expected to drop 80,000 b/d to 5.21 million b/d, according to the US Energy Information Administration’s latest Drilling Productivity Report.

World Oil Demand. In 2015, world oil demand growth is expected to be around 1.46 mb/d after an upward revision of around 84 tb/d, mainly to reflect better-than-expected data from OECD region. In 2016, world oil demand is anticipated to rise by 1.29 mb/d after a downward revision of around 50 tb/d.

Novak said the cost of shale oil production - between $45 and $60 per barrel - is seen as a benchmark for oil prices. He expects prices to be between $50 and $60 per barrel on average this year - in line with Russia's budget forecasts.

“When you look forward to 2017, the market looks much more in balance,”

Iran has projected average oil prices at $42 to $50 per barrel in a draft budget bill for the year to March 2017, a government spokesman was quoted as saying on Monday, expecting crude to stay in the current trading range.

Britain’s oil and gas platform builders are facing their worst downturn in orders for 25 years, threatening thousands of jobs across the UK.

Investors’s fears that Royal Dutch Shell will fail to complete its planned £43bn acquisition of BG Group have been exaggerated, Shell’s chief executive has said.

U.S. Rig Count is down 16 rigs from last week to 848, with oil rigs down 10 to 652, gas rigs down 6 to 196, and miscellaneous rigs unchanged at 0.

OAO Rosneft will sell a stake in one of its largest oil-producing projects to ONGC Videsh Ltd., the overseas-investment arm of India’s biggest explorer, for $1.27 billion, people familiar with the plan said.

The latest tumble in the price of oil, which hit a six-year low in August, is expected to cut non-OPEC supply in 2016 by nearly 0.5 million barrels per day (mb/d) – the biggest decline in more than two decades.