Russia is against an increase in global crude production, rather than favouring a reduction, and remains pessimistic about the possibility of Moscow and Riyadh reaching a production coordination deal, Russia's energy minister Alexander Novak said Thursday. "We are in favor of, not a cut, but of countries not increasing their output, so that demand, which is growing year-by-year, is covered by the oversupply that exists in the market," Novak said.

Statoil and Repsol announce transactions in Norway, UK, US and Brazil

"These assets are profitable, well maintained and are an important part of New Zealand's energy mix," Shell New Zealand Chairman Rob Jager said in a statement Thursday. "The Shell business in New Zealand is great, but a small part of the global Shell business and hence the decision to undertake a strategic review at this time."

The $23 billion in downstream projects would enable a 7 million-tonne/year reduction in the Mexico’s carbon dioxide emissions.

The agreement will involve the development of five trillion cubic feet of gas resources, as well as 55 million barrels of condensates. Production from WND is expected to be around 1.2 billion cubic feet a day (bcf/d) and all the produced gas will be fed into Egypt's national gas grid.

The company also expects to close $2.3 billion of noncore asset sales, including $600 million from transactions that closed through the first three quarters of 2015. The remaining $1.7 billion represents deals with agreements in place that are expected to close in fourth-quarter 2015 or first-quarter 2016.

“This compares to $2.3 billion in 2015, so a nearly 60% cut. This is one of the steepest 2016 spending cuts we’ve seen across oil and gas producers.”

Output from the Organization of Petroleum Exporting Countries rose by 230,100 barrels a day in November to 31.695 million a day, the highest since April 2012, as surging Iraqi volumes more than offset a slight pullback in Saudi Arabia. The organization is pumping about 900,000 barrels a day more than it anticipates will be needed next year.

«Сегодня на арктическом шельфе РФ добыча нефти ведется только на Приразломном месторождении в Печорском море. Накопленная добыча нефти на Приразломном месторождении на ноябрь 2015 г. составила 922,5 тыс. т», – сообщил Кирилл Молодцов.

Non-OPEC crude oil and other liquids production grows by 1.2 million barrels per day (b/d) in 2015, and then declines by 0.4 million b/d in 2016, which would be the first annual decline in non-OPEC production since 2008.

Petroleo Brasileiro SA, as Petrobras is formally known, is targeting $15.1 billion in disposals by the end of next year but has struggled to sell assets in less attractive prospects off Brazil and in the Gulf of Mexico.

Chevron, the second-largest energy company in the U.S. by revenue, and other major oil companies have been cutting costs and capital spending plans in response to an extended downturn in prices for crude.

EIA forecasts that Brent crude oil prices will average $53/b in 2015 and $56/b in 2016. Forecast West Texas Intermediate (WTI) crude oil prices average $4/b lower than the Brent price in 2015 and $5/b lower in 2016.

Differing views about who should bear the brunt of oil production cuts to lift prices forced Opec to default to its existing policy to keep on pumping last week. This has laid bare the gaping divide between Saudi Arabia and its arch rival Iran.

Many poorer OPEC members have said the group's largest producer was effectively twisting their arms, prompting the Saudi oil minister, Ali al Naimi, to say he would listen to everyone this time.