The transaction is ostensibly intended to help energy company KazMunayGaz (KMG) reduce its $20 billion debt portfolio, which has been exacerbated by low oil prices.

Crude oil prices in first-quarter 2015 were the lowest in several years, which contributed to reduced profitability for these companies compared to previous quarters. Although companies reduced investment spending, declines in operating cash flow were greater, contributing to a decline in cash balances. Second-quarter 2015 results could show continued declines in profits, cash flow, and capital expenditure.

Global oil and natural-gas producers have delayed $200 billion of investment in more than 45 projects following the slump in crude prices, according to Wood Mackenzie.

OPEC and Russia say they expect the global oil market to become more balanced and stable next year after the recent sharp drops.

Royal Dutch Shell said Thursday it will cut 6,500 jobs as it braces for up to several years of low oil prices.

Italian services firm Saipem said Tuesday it will cut 8,800 jobs during the next two years after booking about $1 billion in write downs in the second quarter and slashing its annual guidance.

BP swung to a $6.3 billion second quarter loss on Tuesday after write downs tied to the ongoing conflict in Libya and the company’s recent Deepwater Horizon settlement.

Weatherford International boosted its headcount reduction target by 1,000 on Thursday to 11,000 positions.

The Anglo-Dutch energy giant is betting on crude rising to $90 a barrel by 2020, a key assumption in its move to buy rival BG Group (BG.L) for $70 billion to help transform it into a leading player in the costly deepwater oil production and liquefied natural gas (LNG) markets.

Rotterdam, Europe's largest port, said on Thursday that plans to build a Russian-backed 3 million cubic meter oil storage terminal had been canceled after its Russian partner raised concerns over the project's feasibility.

Schlumberger Ltd.'s second-quarter earnings fell 30% on plunging revenue, as the oil-services sector continues to grapple with weak oil prices.

Low oil prices have tightened the screws on some of the most depleted and costly oilfields in Britain's North Sea, forcing operators to cease production earlier than planned and adding to fears of a domino effect in mature areas.

“It’s a serious problem not just for the United States but for the whole world economy. Debt exceeds gross domestic product there.”

OPEC pumped 31.28 million barrels per day in June, the fourth straight month since February that the group has added production.

The Organization of the Petroleum Exporting Countries said Monday it revised down the demand for its crude this year, to a level far below its current output, despite higher estimates for global consumption.