OPEC last week said Venezuela surpassed Saudi Arabia as the Group's largest holder of crude oil reserves in 2010.
Abu Dhabi National Oil Company (ADNOC) and China National Petroleum Corporation (CNPC) signed a head of terms agreement that will see CNPC receive greater imports of oil crude from ADNOC.
ConocoPhillips announced that it would separate its upstream and downstream business arms that will see the US oil firm focus firmly on exploration and production.
Petroleum Development Oman (PDO) has stated that the firm aims to produce 1.1 million barrels of oil equivalent (BOE) per day this year.
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