OPEC raised its outlook for oil use in 2018, 2019 and 2020, when it sees demand reaching 98.3 million barrels a day, or 900,000 more than the group projected in its previous annual outlook.

Sinopec Ltd. reported that Fuling shale gas field in southwestern China produced a cumulative 3.76 billion cu m of gas from January to September. The 107% increase in production was accompanied by additional processing capacity of 5.5-6.5 bcm, the company said. In 2014, Sinopec announced plans to bring production capacity to 10 bcm/year by 2017.

After a decade of volatile GDP growth and steadily increasing gas and power demand, Mexico continues to progress toward an unbundling of the monopolies Pemex and CFE once held over its gas and power sectors. According to a recent study by Wood Mackenzie, these reforms have created the potential for approximately US$415 billion in investment over the next two decades as the country builds pipelines, develops a renewables market to meet clean energy targets, and sets the stage for M&A.

The UK-listed oil majors both said they were planning for prices per barrel in the low $50s in 2017 — only a little above current levels — in a sign of the industry adapting to “lower-for-longer” market conditions.

Qatar Petroleum (QP) announced on Monday a joint venture with ExxonMobil called Ocean LNG, tasked with marketing LNG sourced outside the GCC country.

TransCanada Corporation (TSX:TRP) (NYSE:TRP) (TransCanada) announced a net loss attributable to common shares for third quarter 2016 of $135 million or $0.17 per share compared to net income of $402 million or $0.57 per share for the same period in 2015. Third quarter 2016 results included a $656 million after-tax goodwill impairment charge related to our U.S. Northeast Power business. Excluding the net loss on the goodwill impairment and certain other specific items, comparable earnings for third quarter 2016 were $622 million or $0.78 per share compared to $440 million or $0.62 per share for the same period in 2015. TransCanada's Board of Directors also declared a quarterly dividend of $0.565 per common share for the quarter ending December 31, 2016, equivalent to $2.26 per common share on an annualized basis.

September gasoil exports surged to a record high of 1.6 million mt, or 398,197 b/d, surpassing the previous high of 1.53 million mt, or 368,840 b/d, in July, according to data from the General Administration of Customs. On a daily average basis in barrels, exports in September were 44.4% higher year on year and up 55.4% month on month.

Nabors Industries Ltd. reported the signing of an agreement to form a joint venture in Saudi Arabia to own, manage, and operate onshore drilling rigs. The JV, which will be equally owned by Saudi Aramco and Nabors, is expected to be formed and commence operations in second-quarter 2017.

Rosneft and BP announce the completion of the deal to create a new joint venture, Yermak Neftegaz LLC, to conduct exploration in the West Siberian and Yenisey-Khatanga basins in the Russian Federation.

Exxon Mobil Corporation today announced estimated third quarter 2016 earnings of $2.7 billion, or $0.63 per diluted share, compared with $4.2 billion a year earlier. Results reflect lower refining margins and commodity prices.

Royal Dutch Shell’s third quarter 2016 CCS earnings attributable to shareholders were $1.4 billion compared with a loss of $6.1 billion for the same quarter a year ago.

Chevron Corporation (NYSE: CVX) reported earnings of $1.3 billion ($0.68 per share – diluted) for third quarter 2016, compared with earnings of $2.0 billion ($1.09 per share – diluted) in the third quarter of 2015. Foreign currency effects increased earnings in the 2016 third quarter by $72 million, compared with an increase of $394 million a year earlier. Sales and other operating revenues in third quarter 2016 were $29 billion, compared to $33 billion in the year-ago period.

BP estimated its share of Rosneft net income for the third quarter to be $120 million5, compared with $246 million for 2Q 2016 and $382 million for 3Q 2015. In July BP received a dividend of $332 million, representing 35% of BP’s share of Rosneft’s 2015 IFRS net income.

- Combination creates an unparalleled company positioned to deliver value for customers and investors - GE to own 62.5% and Baker Hughes shareholders to own 37.5% of the “New” Baker Hughes - GE to contribute $7.4 billion to fund the $17.50 per share special dividend to existing Baker Hughes shareholders

Total once again reported solid quarterly results with adjusted net income of $2.1 billion and operating cash flow before working capital changes of $4.5 billion. The Group increased cash flow by 13% compared to the second quarter 2016 despite a 27% reduction in European refining margins and flat Brent prices.