Petroleo Brasileiro SA (Petrobras) reported further cuts to its capital budget, reducing planned spending for 2015 by $3 billion to $25 billion and by $8 billion to $19 billion for 2016. The company cited low crude oil prices and unfavorable exchange rates.

Brent crude oil spot prices increased by $1/b in September to a monthly average of $48/b. Along with increasing volatility in global equity prices and exchange rates, crude oil price volatility increased significantly in August, reflecting uncertainty about potential lower economic and oil demand growth in emerging market countries. Volatility remained high in September, with Brent spot prices increasing from $42/b on August 24 to $50/b on September 3, before falling back into the range of $45/b to $50/b for the rest of the month.

Crude prices jumped about 4 percent on Tuesday after No. 1 oil consumer the United States cut output forecasts and Russia, Saudi Arabia and other big producers signaled joint action to support the market.

OPEC expects global demand for its crude, under pressure in recent years because of rising supplies from outside the group, to rise to 30.3 million barrels per day in 2016, about 1 million bpd more than in 2015.

U.S. oil production growth will stop this month and begin to decline early next year due to low oil prices, the former head of oil firm EOG Resources, Mark Papa, said on Tuesday.

U.S. Rig Count is down 29 rigs from last week to 809, with oil rigs down 26 to 614, gas rigs down 2 to 195, and miscellaneous rigs down 1 to 0.

Gazprom has also received 50 per cent in Wintershall Noordzee B.V., which is involved in hydrocarbon exploration and production in the North Sea. In turn, Wintershall has obtained 25.01 per cent in the project for developing blocks 4A and 5A in the Achimov deposits of the Urengoy oil, gas and condensate field

The oil giant is to halt drilling at the Burger J well in the US Arctic, saying it can't justify the expense due to low oil prices. Shell only won the controversial permission to explore the icy waters last month.

Energy Transfer Equity LP (ETE), Dallas, and Williams Cos. Inc., Tulsa, have agreed to merge in a deal valued at $37.7 billion, including the assumption of debt and other liabilities. Williams previously rejected an unsolicited all-equity acquisition proposal by ETE valued at $53.1 billion

The offers, which were submitted in July, nevertheless fell far short of LetterOne's target price of up to $1.2 billion, with the highest offers coming in at around $750 million, according to several sources close to the process.

Glencore has more than $10bn in short-term credit and has just raised a little under $2.5bn through an equity placing. Even at current commodity prices, it believes it can produce $3bn in free cash flow a year.

Third-quarter 2015 results could show continued declines in profits, cash flow, and capital expenditure if crude oil prices continue to decline.

U.S. Rig Count is down 4 rigs from last week to 838, with oil rigs down 4 to 640, gas rigs down 1 to 197, and miscellaneous rigs up 1 to 1.

A survey of 13 investment banks by The Wall Street Journal cut their average forecast for Brent crude, the international price gauge, by $9 to $58.70 a barrel, compared with last month’s survey. For West Texas Intermediate, the U.S. oil marker, the average forecast is for $54.40 a barrel, also down $9 from August.

India is ready to invest more than $15.2 billion to build projects in Iran including taking up full-scale development of Chabahar Port if Tehran offers better terms including cheaper gas, Shipping Minister Nitin Gadkari said on Wednesday.