Venezuela's president on Sunday created an executive vice president post and named new vice presidents to lead PDVSA in what he described as a shake-up of the state oil company and an effort to root out corruption in the OPEC nation's principal industry.

Venezuela said on Tuesday it will cut 95,000 barrels-per-day of oil production in the New Year in fulfilment of a producers' deal to reduce global output and strengthen prices.

Petroleo Brasileiro SA said on Wednesday it will sell $2.2 billion worth of assets to France's Total SA, including stakes in oilfields and two thermal power stations.

Venezuela has borrowed over $50 billion from China under a financing arrangement created by late socialist leader Hugo Chavez in 2007, in which a portion of its crude and fuel sales to the world's second-biggest economy are used to pay down loans.

PETROBRAS - Net loss of R$ 16,458 million, compared to net income of R$ 370 million in the 2Q-2016,

Royal Dutch Shell Plc will invest $10 billion in Brazil over five years now that the country has increased opportunities for foreign companies in its oil industry, its chief executive officer said on Thursday.

Brazil hopes the rules changes will attract foreign oil companies with resources that the scandal-plagued, debt-ridden Petroleo Brasileiro does not have.

In Saudi Arabia, Saipem has been awarded an extension of three years to drilling activities being carried out by ten 2000 HP drilling rigs. In South America, in addition to various extensions ranging in duration from two to twenty-four months for medium and high power rigs in Peru, Colombia, Bolivia and Chile, Saipem has also been awarded a new contract for operations in Argentina, which will be carried out by an hydraulic type rig over a period of eighteen months.

Schlumberger will drill 80 wells in an extra-heavy oil field in the Orinoco Belt, said company spokesman Joao Felix. Terms of the deal, which are still being negotiated, will ensure payment from the government.

Petróleo Brasileiro SA, as Petrobras is formally known, pledged up to $74.1 billion in capital spending for the 2017-2021 period compared with a $98.4 billion target in the prior four-year 2015-2019 plan, according to a securities filing.

The governments of Argentina and the UK have agreed to work toward removal of restrictions on oil and gas work offshore the Falkland Islands.

In April, the company said it expected up to 12,000 employees to leave as part of the layoff program.

"We have held conversations on strengthening our position in oil markets," Iran's Foreign Minister Mohammad Javad Zarif said through an interpreter after a meeting with Ecuador's President Rafael Correa. Zarif added that the two countries have agreed to continue talks within the framework of OPEC, without providing further details. Ecuador Foreign Minister Guillaume Long said they discussed establishing a common position with regards to strengthening oil prices.

“In this underground lies the energy that China needs for the future. Currently, we are sending 600 Mbpd of crude to China, and we expect to increase this trade to more than 1 MMbpd within the next years.”

Net income attributable to the shareholders of Petrobras of US$ 106 million, compared to net loss attributable to the shareholders of Petrobras of US$ 318 million in the 1Q-2016, as a result of: - A decrease of 22% in net finance expenses; - An 7% increase of crude oil and natural gas total production; - Higher revenues with an increase of 14% in crude oil and oil products exports and lower costs related to natural gas imports; Expenses related to the new Voluntary Separation Incentive Plan (PIDV); and Impairment losses related to Comperj assets.