Saudi Arabia won’t balance global crude markets on its own even as prices fall “too low for everybody” and threaten the investment needed to meet long-term demand, the head of Saudi Arabian Oil Co. said.

Energy Transfer Partners LP (ETP) and Regency Energy Partners have agreed to merge in a unit-for-unit transaction, plus a one-time cash payment to Regency unit holders, valued at $18 billion, including the assumption of net debt and other liabilities of $6.8 billion.

After more than three years of US$100-110 per barrel oil, prices collapsed by nearly 50 percent in late 2014 as the market lost its "manager" after OPEC refused to cut production.

Currency depreciation against the dollar affects oil importers and exporters differently

The world’s biggest energy companies are preparing to cut tens of billions of dollars from capital spending as they set out plans this week to respond to the drastic slide in oil prices.

Total U.S. petroleum deliveries (a measure of demand) rose last month by 5.1 percent from December 2013 to average nearly 20.0 million barrels per day. For the fourth quarter, total domestic petroleum deliveries gained 2.9 percent compared to the same period in 2013.

The US drilling rig count fell 43 units to settle at 1,633 rigs working during the week ended Jan. 23, Baker Hughes Inc. reported.

Iran's oil minister is expressing hope that the OPEC oil cartel will begin cutting production in order to shore up plunging oil prices.

An unparalleled technology to cut greenhouse gas emissions through carbon dioxide capture is being developed on a demonstration scale at Petrobras’ Shale Industrialization Facility (known as SIX) in Paraná, in partnership with the company’s Cenpes research center.

Warming ties between China and Russia are giving a big boost to Chinese imports of Russian oil, to the chagrin of OPEC nations jockeying for a slice of China’s market.