Nigeria’s incoming government should consider selling down its majority stakes in joint ventures with multinational oil companies to shore up state finances and raise funding for infrastructure development, according to the central bank governor.

The rebalancing of the global oil market may still be in its early stage with the outlook “only getting murkier”, according to the International Energy Agency, as uncertainties remain about demand and supply responses to the steep drop in prices.

Rapid and aggressive strategic response by oil and gas companies to low oil prices has driven industry cash flow breakevens down by $20/bbl to $72/bbl, according to a recent analysis of Wood Mackenzie. If oil prices remain at current levels, further cuts would be required to achieve cash flow neutrality, WoodMac said. For some companies, this will mean selling assets, others may suspend or limit dividend and buyback programs.

Oil production from the fastest-growing U.S. shale plays is set to fall some 45,000 barrels per day to 4.98 million bpd in May from April, the first monthly decline in over four years, projections from the U.S. Energy Information Administration showed on Monday.

OPEC's strategy of holding output steady is not working and the group's members should discuss production levels before its next meeting in June, Iran's oil minister said, a sign of the pain lower prices are causing OPEC's less wealthy producers.

Advances in technology, standards and practices in the last five years have made America’s offshore #oil and natural #gas industry safer than ever, #API President and CEO Jack Gerard told reporters on a press conference call today.

As most drilling companies that have rigs without a contract, today, are idling or cold-stacking these rigs, it is estimated that around 140 rigs are heading toward retirement over the next few years as the industry makes way for the newbuilds scheduled for delivery by the end of the decade. Around 360 rigs that are in the current market fleet are more than 30 years old and must be retired at some point.

ConocoPhillips is preparing the sale of noncore oil and gas producing acreage in the United States, in the latest sign that oil majors are becoming more accepting of lower oil prices, according to people familiar with the matter.

Iranian #oil officials are in Beijing this week to discuss oil sales and Chinese investments in #Iran, just days after Tehran and world powers reached a framework nuclear deal, and with the #OPEC nation's oil minister due to arrive on Thursday.

The next decade will be critical for the Russian natural gas industry with the outcome largely depending on the nation’s pricing and institutional policies

The Turkish Stream pipeline project is Russia's replacement for the South Stream project, which the EU effectively put on hold due to legal issues involving the same company supplying gas and constructing and owning the pipeline transporting the gas.

Russia’s JSC Gazprom Neft has entered an agreement with Vietnam National Oil & Gas Group (PetroVietnam) to purchase a 49% interest in the 6.5 million-tonne/year Dung Quat refinery.

Iran is believed to hold at least 30 million barrels in storage, and EIA believes Iran has the technical capability to ramp up crude oil production by at least 700,000 bbl/day (bbl/d) by the end of 2016. The pace and magnitude at which those volumes would reach the market would depend on the terms of a final agreement.

Ever since the exponential boom of light tight oil (LTO) production flowing from the major shale plays began, American refineries have worked vigorously to process greater LTO volumes. Now a new report has stated that the load is beginning to become a burden, and the cheapest options for refineries to take on the growing amounts of LTO are over.

A barrel of crude oil costs under $50, having more than halved in price since June. This means wells are pumping out smaller profits, if not losses. When oil prices plunge and billions of dollars are at stake, oil companies tend to respond quickly to curb production. The number of active rigs has fallen 50 percent since October, according to Baker Hughes, the oilfield services company. This has led to layoffs, tighter budgets and fewer orders for equipment, all which hurt growth.