Nine of the worlds leading oil and gas companies – BG Group, BP, Chevron, ConocoPhillips, ExxonMobil, Petrobras, Shell, Statoil and Total – announced the launch of the Subsea Well Response Project (SWRP), an initiative designed to enhance the industrys capability to respond to subsea well control incidents.

The International Energy Agency (IEA) cut its global oil demand growth forecast for this year, due to persistent high oil prices and lower growth projections for developed economies.

Saudi Arabia said that the oil market was oversupplied and revealed last month that the kingdom had slashed its March output by some 700,000 bpd, Saudi Arabias oil minister Ali al-Naimi announced.

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