Statoil reported net income in accordance with IFRS of negative NOK 2.8 billion, mainly due to net impairment charges and provisions.

Italy’s Eni executed a sale and purchase agreement to sell a 12% stake in Saipem to Fondo Strategico Italiano, as part of a plan designed to collect €6.5 billion.

Eni net loss: €0.95 billion for the quarter; €0.36 billion in the nine months.

Countries should not bank on oil prices remaining low when formulating their energy policies, as supplies could tighten from mid-2016 due to a drop in investment and falling U.S. output, a senior industry official said on Monday.

With oil prices stuck at $50 per barrel, the Saudi Arabia’s annual export income will be around $130 billion lower this year in comparison to last year, Jason Tuvey, Middle East Economist at British economic research and consulting company Capital Economics said in a report obtained by Trend.

Estimated total U.S. oil and natural gas well completions decreased by 44 percent in the third quarter of 2015 compared to year-ago levels, according to API's 2015 Quarterly Well Completion Report, Third Quarter.

The outlook of gas supply prices to Europe was adjusted upward by more than 14% to $199 per 1,000 cubic meters for 2015, Russia’s Ministry of Economic Development said on Friday.

Maersk Oil has announced its intention to implement workforce reductions amounting to 10-12% of roles across its business.

BP reported operating cash flow for 3Q 2015 was $5.2 billion bringing the total for the first nine months of the year to $13.3 billion. Organic capital expenditure over the nine month period was $13.2 billion. At the end of the quarter, net debt was $25.6 billion representing a gearing level of 20.0%, including approximately 1% arising from the agreements in principle to settle with the United States government and Gulf states.

“Saudi Arabia actually triggered the price drop when it decided to defend its market share. The number of shale oil wells in North America has declined ever since, and probably won’t start to increase until the price hits $60[/bbl],”

Third Quarter 2015 Highlights: - Net debt decreased by $28 million and positive free cash flow from operations was $123 million; - Operating income increased 3% and by 47 basis points sequentially, driven mostly by improvements in North America where revenue increased by 2% and operating margins increased 493 basis points with the modest recovery from spring break up in Canada and continued cost reduction measures; - Best-in-class sequential incrementals of 2% and year-on-year decrementals of 29%; - Completed the previous reduction in force target of 11,000 employees by September 30, 2015, with realized annualized savings of $803 million; and - Repurchased $236 million of long-term debt through open market transactions generating a gain of $35 million.

Revenue for the quarter was $3.8 billion, down 39% compared to the third quarter of 2014. Compared to the prior quarter, revenue declined $182 million or 5%. On a GAAP basis, net loss attributable to Baker Hughes for the third quarter was $159 million or $0.36 per diluted share. Adjusted EBITDA (a non-GAAP measure) for the third quarter of 2015 was $522 million, an increase of $63 million or 14% sequentially, and a decrease of $666 million or 56% compared to the third quarter of 2014.

The plan appears to be working. Oil remains 33 percent lower than when OPEC revealed its strategy on Nov. 27, trading for $48.38 a barrel at 10:13 a.m. in London Wednesday. U.S. crude production has retreated about 500,000 barrels a day from the three-decade peak reached in June to 9.1 million a day in the week to Oct. 9, according to data from the Energy Information Administration.

Russia, Kazakhstan and Azerbaijan all have safety cushions of income from oil and gas to help in the hard times of benchmark Brent crude under $50 a barrel.

Russia supplied a record amount of crude oil to China in September, surpassing Saudi Arabia for the second time as the top seller to the Asian giant, customs data showed, boosted by demand from independent refiners.