Russian natural gas giant Gazprom believes that winter 2014/2015 may be “colder than usual”.

Fall in oil prices is temporary, says Saudi petrochemicals chief

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.

Oil companies in Russia, the world's biggest producer which has budgeted for $100 crude, played down the oil price drop, saying it would not last and would not damage long term projects.

The Brent-WTI spread, the difference between the front month futures price of North Sea Brent crude oil and that of West Texas Intermediate (WTI) crude oil, narrowed to $2.00 per barrel (bbl) as of October 15, after reaching a 2014 high of $14.95/bbl in January

Oil prices posted their biggest one-day drop in nearly two years Tuesday as a U.S.-led wave of crude has crashed into weak global demand, threatening the stability of some countries and providing an economic lifeline to others.

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.

This year's fall in energy prices is hastening the decline of big oil, as the seven Western majors sell-off assets, cut investment, return money to shareholders and shrink in size, leaving ever more output to small producers and state firms.

West Texas Intermediate extended its slump into a bear market amid speculation that rising global oil supplies will be more than enough to meet slowing demand. London’s Brent traded at the lowest price since December 2010.