A funny thing happened on the way to the OPEC meeting. As a result of a pre-meeting between Saudi Arabia, Russia, Mexico and Venezuela it wasexpected that those countries were on the way to finalize a deal to cut production--then it all somehow fell apart.
China and Russia deepened their energy ties with a second blockbuster deal that lessens Russian reliance on Europe and would secure almost a fifth of the gas supplies China needs by the end of the decade.
Recent trade deals and high-level cooperation between Russia and China have set off alarm bells in the West as policymakers and oil and gas executives watch the balance of power in global energy markets shift to the East.
As crude oil prices tried to bounce back from a five-year low, oil companies and OPEC try to adjust to low oil prices. BP earnings kicked off the big oil earnings season and they could have been worse.
Russia relies on companies including Exxon Mobil Corp., BP Plc, Halliburton Co. and Schlumberger Ltd. for the latest technology and expertise it needs to develop an estimated $7.58 trillion in oil and natural gas resources that sprawl across nine time zones.