A strong Dubai price in a weak oil market has created a dilemma for top oil exporter Saudi Arabia as it works out official monthly selling prices for December.

Asia's largest oil refiner Sinopec Corp, which on Thursday posted a 12 percent fall in quarterly earnings, aims to use part of $17.5 billion in proceeds from a stake sale to boost shale gas production and lower debt.

OPEC Head Tells Oil Market to Stop Panicking About Prices

Oil prices climb but stay below earlier 2014 levels

Crude Falls on Federal Reserve Stimulus Halt, U.S. Supply

Mexico is poised to redraft part of next year’s federal budget after a steep fall in oil prices upended the country’s revenue assumptions.

Global oil prices posted a fifth weekly loss as concerns about high supplies continued to weigh on prices.

Oil prices have fallen by over 20% in the last couple of months. Brent is currently trading $30 below its summer spike to $115 per barrel and many are left wondering what the Saudis are playing at.

Bank of America Corp. and BNP Paribas SA predict prices will hold above $80 a barrel. Commerzbank AG also sees that level as a possible low for Brent crude. They’re in part counting on OPEC cutting output -- some say as soon as next month -- to compensate for recent declines in demand.

OPEC is resisting pressure to cut oil production while demand slumps as it tests how low prices must go to make U.S. shale oil unprofitable. As producers become more efficient, that floor is sinking.