Although OPEC's statutes say support from a simple majority of the 12 members can trigger an extraordinary meeting, none will occur without support from Saudi Arabia, which has yet to give its blessing, OPEC delegates say.

In the first half of 2015, sales revenues were $51,294 million (-30.6% y-o-y). Net income attributable to LUKOIL decreased by 58.9% y-o-y to $1,695 million, EBITDA (earnings before interest, taxation, depreciation and amortization) decreased by 32.4% y-o-y to $6,379 million. In the first half of 2015, our financial results were affected by a sharp decrease in the hydrocarbon prices and non-cash write-off in the amount of $324 million.

Despite unfavourable market conditions and a negative impact of the tax manoeuvre, in the second quarter of 2015, the Company achieved a considerable improvement in its financial results. Revenue from sales gained 6.9% compared to the first quarter of 2015; adjusted EBITDA increased by 34.1%, while operating income jumped by 44.4%. In the second quarter of 2015, net income excluding minority interest was 57.2% higher than in the first quarter of 2015 and 12.9% higher than in the second quarter of 2014.

Issues have emerged in Russia that could delay or prevent Schlumberger Limited. (NYSE:SLB) from closing a deal with Eurasia. Earlier this year, Schlumberger made a $1.7 billion offer to take a stake in Eurasia, also expressing willingness to acquire the rest of the company. Eurasia is Russia’s largest oil-services company. However, as it turns out, Russia’s Federal Security Service, also known as FSB, is expressing some reservations over the deal.

Ukraine's efforts to store natural gas for winter are running 1 billion cubic metres behind their pace last year, Prime Minister Arseny Yatseniuk said on Wednesday.

Local industry and investment experts said Monday they expect continued struggles for the oil and gas industry following sub-$40-a-barrel prices and big drops in Wall Street stocks across the board.

Most Middle Eastern stock markets declined amid mounting concern the region’s largest economy will cut spending after oil prices slumped to the lowest since 2009.

China Petroleum & Chemical Corp., Asia’s biggest oil refiner, posted a 22 percent decline in profit for the first half of the year as the slump in prices outweighed the benefit of cheaper crude to its refining business.

Cnooc Ltd., China’s biggest offshore oil and gas explorer, posted a 56 percent decline in profit for the first half of this year.

Continued growth in global production of petroleum and other liquids has outpaced consumption growth since August 2014, resulting in rising global liquids stocks. Total global liquids inventories are estimated to have grown by 2.3 million barrels per day (b/d) through the first seven months of 2015, the highest level of inventory builds through July of any year since 1998. These strong inventory builds have put significant downward pressure on near-term crude oil prices: North Sea Brent crude oil spot prices have averaged $58/barrel through July of this year compared to $109/b over the same period in 2014, responding to growth in global inventories.

The global oil market is healthier than it looks, signaling that crude’s plunge to six-year lows has probably gone too far.

Stock markets in Saudi Arabia and Dubai closed around 7 percent lower on Sunday on the back of a further slide in oil prices.

Iran will ramp up crude oil production and reclaim its lost share of exports shortly after international sanctions on the OPEC member are lifted, Iran's oil minister Bijan Zanganeh said on Tuesday.

Moody’s Investors Service on Monday cut the credit rating of Canadian Oil Sands Ltd. to one notch above speculative grade, citing the oil-sands producer’s “elevated leverage” as a result of lower crude oil prices.

Iraq has paid foreign oil companies $9 billion in remaining arrears for 2014 and was paying outstanding fees for 2015 in stages until the beginning of next year, its oil minister said.