Weatherford International Ltd announced that its US subsidiary has reached agreement with BP to settle any claims that may have arisen between the companies relating to the Deepwater Horizon incident and oil spill.

Shell and China National Petroleum Company (CNPC) signed a Global Alliance Agreement emphasising their shared intent to pursue mutually beneficial cooperation opportunities internationally as well as in China.

In the last year, the pace of development in the southern Iraq oilfields has been remarkable.

Goldman Sachs stated that Saudi Arabias abundance of spare oil capacity could be wiped out if the kingdom ramps up its production to 10mn bpd.