International Energy Agencys (IEA) latest oil market report said global oil consumption is slowing down as questions marks over the state of the global economy resurface.

Technip has agreed to acquire the entire share capital of US firm Global Industries in a deal that helps the French firms push into the fast-growing subsea segment of oil services.

Vallares will merge with Turkeys Genel Energy International Ltd. in a US$2.1 billion deal that will see Vallares gain access to oil fields in Iraqs Kurdistan region.

Iraqs August crude oil export increased to 68mn bpd, a jump of about one per cent from the previous months 67.2mn bpd.