Venezuela is pushing for a new agreement between OPEC and non-OPEC nations to stabilize oil prices, President Nicolas Maduro said on Friday, in the most serious indication yet of a renewed drive to boost prices back to $100 per barrel.

As Saudi Arabia pumps more and more crude, creating a glut in global supplies, US producers recently have begun to curtail oil production as prices plummeted. The cost of production for US shale producers is significantly higher than for conventional production in Saudi Arabia and in other OPEC countries, which gives those producers an advantage at a time of sagging oil prices.

Despite slowing US output of light tight oil, global oil supply growth remained at a steep 3.2 million barrels per day (mb/d) year-on-year in April.

The Organization of the Petroleum Exporting Countries doesn’t see oil prices consistently trading at $100 barrel again in the next decade, a pessimistic assessment that has the group considering the return of production limits to influence the market, according to a draft of the cartel’s latest strategy report.

While analysts speculate just how low prices have to drop before Saudi Arabia cuts production longtime Saudi oil minister Ali al-Naimi said he has the answer: It’s up to Allah.

China appointed new heads for each of its three national oil companies on Monday, in a sweeping reshuffle of the industry at the heart of its two-year anti-corruption drive.

A widening corruption probe in China has ensnared another oil executive, this time the number two man at state owned Sinopec.A widening corruption probe in China has ensnared another oil executive, this time the number two man at state owned Sinopec.

BP suffered a sharp slide in first-quarter profits, hit by the plunge in crude prices that has battered revenues across the oil industry.

Fair and stable oil prices will benefit producers and consumers, allowing global supply and demand to grow at a steady pace, Saudi Arabia's Oil Minister Ali al-Naimi said on Tuesday.

China National Petroleum Corp and Sinopec, China’s top two state-owned oil companies, have denied they are considering merging to form a giant monopoly after rumours prompted both companies’ Hong Kong-listed shares to jump on Monday.