Norway’s oil revenues have been hit hard by a 50% drop in prices over the past six months and oil companies operating in Norway are set to reduce their capital expenditure by 15% on the year in 2015

The number of rigs drilling for oil in the US dropped sharply this week as plunging crude prices hit development of shale reserves, the most-watched survey of industry activity has shown.

December was the sixth consecutive month in which monthly average Brent prices decreased, falling $17/barrel (bbl) from November to a monthly average of $62/bbl, the lowest since May 2009. The December price decline reflects continued growth in U.S. tight oil production, strong global supply, and weakening outlooks for the global economy and oil demand growth.

The European Union could significantly scale back sanctions and resume discussions with Russia on issues ranging from visa-free travel; cooperation with the Moscow-led Eurasian Economic Union; and the crisis in Libya, Syria and Iraq; if Russian President Vladimir Putin moves to end the crisis in eastern Ukraine, according to an EU discussion paper.

The market consensus is that the China is buying more oil than they need in order to fill strategic reserves.

The falling oil price is a huge shot in the arm. Nonetheless, it is clear that the ECB will have to do something. There is no growth and the debt burden is too high. The world will be flying on one engine, the U.S., for quite some time.

Sharp drop expected in global E&P spending in 2015

Gulf stock markets may lose steam on Sunday after oil and global equities fell on Friday, although bets on positive fourth-quarter corporate results and dividends may support some stocks.

Plunging oil prices have sparked a big rally in Asian government bond markets as lower fuel costs cut inflation expectations, but the rally could be built on shallow foundations as monetary policymakers remain out of step with tumbling bond yields.

Crude lost another 11 per cent this week amid continuing worries about a supply surplus as demand slows, with the Brent benchmark falling below $50 a barrel.

BHI: US rig count plunges 61 units in last week

Oil drama drives shares lower in Asia and Europe

US can be next Saudi Arabia for oil, says ex-US Treasury Secretary Summers

Saudi Arabia Raises Price of Main Oil Grade for Asian Buyers

Biggest Oil-Rig Drop Since 2009 Spells Tough Year Ahead