Mexico is currently aiming to increase its fuel imports in order to attract investment as well as to bring down the fuel prices for buyers. This energy reform activity will boost the competition among private oil firms in Mexico.

Saudi Arabia and Russia, the world's largest oil producers, have come to an agreement to reduce oil production into the January level. This is the first time for the two countries working together in efforts to fix the oil industry, which has been dropping for years.

BP enters into an agreement with Oman government to widen the license area of Block 61. The company strengthens its commitment in Oman with a view to broadening its business in the country.

The average oil price has dipped well below $30 a barrel on Thursday, which has been reported to be sold at $31 on Friday. Sharp fall of oil prices on Thursday has been analyzed as the triggering factor for some bargain hunting by some traders. However, equity market has also witnessed a boost which is believed to be induced by oil price soaring.

Oil prices rebounded on news that there may be production cut by OPEC. US Brent futures recouped losses by 6.8 percent and US crude pared 9.3 percent losses during the week. In overall, oil prices rebounded by over 25 percent after hitting 12-month low in January. Oil price hit $27.10 on 20 January 2016.

Speculation over production cut and held the oil price to around $30 a barrel, but uncertainty still lingers. Meanwhile, U.S inventories are reported to reach its highest level of crude stockpile.

Chevron said that its subsidiaries in Australia have entered into a non-binding Heads of Agreement with ENN LNG Trading Co. Ltd to sell liquefied natural gas to China. The delivery of LNG will be commenced in the first six-month of 2019, according to the company.

Saudi Arabia oil minister Ali al-Naimi said that stability in the oil market will be attained only through the cooperation amid major manufacturers and this would take time. Ali al-Naimi added that although the worldwide oil market has been experiencing an instability for over 12 months, he is hopeful regarding the return and future of the oil market.

With the lifting of international sanctions from Tehran, India would be able to recommence its unobstructed oil import from the Persian Gulf country. Iran is anticipated to boost its oil export of 1.1 million barrels per day by 500,000, according to the Indian Oil Cooperation.

UK-based Oil giant BP Plc plans to trim 4,000 jobs in its crude-oil production unit as crude oil price slump.