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Australia has the world’s seventh-largest shale gas resources.
Statoil won’t use the Transocean Spitsbergen and Songa Trym rigs from mid-November through at least the year-end because of overcapacity.
While the Saudi Arabia is as flush with cash as ever, the finances of some fellow OPEC members are deteriorating quickly.
Sharara was shut as a precaution after gunmen stormed the on-site production compound.
Investors spooked by the heavy debt carried by most U.S. producers are flocking to companies that generate so-called free cash flow.
Oil for December delivery rose $1.49 to settle at $78.68 a barrel on the New York Mercantile Exchange.
Fraudulent payments related to subsidized fuel imports are estimated to cost the continent’s biggest economy as much as $7 billion a year.
Petrobras, which booked $44 billion in operating losses from selling fuel at below-market prices during President Dilma Rousseff’s first term, is set to raise its subsidized refinery gate prices even after crude’s 25 percent plunge this year brought them more into line with international benchmarks.
To win the showdown, the Saudis are trying to bring OPEC’s weaker members in line before the Nov. 27 meeting of the organization.
U.S. oil production rose to the highest in at least 31 years amid slowing global demand, helping drive crude into a bear market last month.