The last 48 hours witnessed a frenzy of diplomatic activities by Balkan and Southeastern countries with both Russia and Europe, underlining the importance of this area for the ongoing if relatively silent confrontation between Moscow and Brussels/Berlin.

The head of OPEC said on Sunday the group had no target price for oil, signalling no change to a policy to maintain production levels which has contributed to sharp falls in the price of crude, unnerving global markets.

Repsol, the Spanish oil group, is aiming to acquire Talisman Energy of Canada, in a deal that would value the target’s equity at up to $8bn

Halliburton Co. , the world’s second-largest oilfield-services company, said Thursday it will lay off 1,000 employees outside the U.S.

Plunging oil prices look set to trigger another wave of industry consolidation after a decade when mega-deals were scarce, but investors want to see mergers that can squeeze out cost savings and only after a lavish dividend is paid.

Rosneft wants to step up gas production and become the second largest gas company in Russia.

Renewed pressure on crude oil prices on Monday weighed heavily on the shares and bonds sold by US energy companies

At its meeting December 9, the Rosneft Board of Directors approved the main strategic objectives for Company developments.

Saudi Arabia, the world’s largest oil exporter, deepened the discount at which it sells crude to Asia and the U.S., underscoring for some market watchers the kingdom’s commitment to defending its market share amid the recent rout in oil prices.

Global oil and gas exploration projects worth more than $150 billion are likely to be put on hold next year as plunging oil prices render them uneconomic, data shows, potentially curbing supplies by the end of the decade.

Heavily indebted US shale companies are facing financial pressure as a result of the fall in the price of oil but may find their lenders are inclined to “go easy” on them, according to Fitch, the rating agency.

A sharp drop in oil prices since the summer is creating a heap of trouble for Norway.

Shares in Vladimir Yevtushenkov’s Sistema Group fell more than 35 per cent this week, amid growing concern that Russian investigators will try to reclaim Rbs140bn ($2.7bn) in dividends that the group has received from its oil company Bashneft .

Gazprom, the state gas company, has been at the forefront of Moscow’s push to expand its influence into the Balkans – a region beset with economic and political difficulties.

Schlumberger , the world’s largest oil services group, is cutting back its fleet for offshore geological surveys and taking an $800m writedown on the value of its ships, in the first significant cutback in the industry following the recent fall in crude prices.