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.

Plunging oil prices have rendered more than a trillion dollars of future spending on energy projects uneconomic, according to a study that suggests that the impact on industry operators is worsening.

Oil rose by more than 1 percent on Monday after data showed U.S. drilling slowed and a report said $1.5 trillion worth of planned production was uneconomic at current prices.

Results from second-quarter 2015 financial statements of a number of U.S. companies with onshore oil operations suggest continued financial strain for some companies. Low oil prices have significantly reduced cash flow for U.S. oil producers, and to adjust to lower cash flows, companies have reduced capital expenditures and raised more cash from debt and equity.

Total petroleum deliveries (a measure of demand) in August rose by 0.8 percent from August 2014 to average nearly 19.6 million barrels per day, according to API’s Monthly Statistical Report for August 2015. August crude oil production was the highest level for the month and the highest year to date level in 43 years, since 1972.

U.S. Rig Count is down 6 rigs from last week to 842, with oil rigs down 8 to 644, gas rigs up 2 to 198, and miscellaneous rigs unchanged at 0.

Crude oil production in October from seven major U.S. shale plays is expected to drop 80,000 b/d to 5.21 million b/d, according to the US Energy Information Administration’s latest Drilling Productivity Report.

World Oil Demand. In 2015, world oil demand growth is expected to be around 1.46 mb/d after an upward revision of around 84 tb/d, mainly to reflect better-than-expected data from OECD region. In 2016, world oil demand is anticipated to rise by 1.29 mb/d after a downward revision of around 50 tb/d.

Novak said the cost of shale oil production - between $45 and $60 per barrel - is seen as a benchmark for oil prices. He expects prices to be between $50 and $60 per barrel on average this year - in line with Russia's budget forecasts.