Oil prices hit a 16-month high following Opec's decision to cut production for the first time in 8 years. The oil cartel wants more oil producing countries to follow suit.
The 14 members of the cartel have decided to extend oil output cuts until the end of 2018 under efforts to curb a global glut of crude. OPEC also said it could exit the deal earlier if the market overheats.
Venezuela has arrested a former minister and ex-chief of the state oil company on corruption and sabotage charges. But opposition lawmakers have warned the arrests form part of the president's plans to consolidate power.
The Venezuelan president has announced plans to create a cryptocurrency backed by oil, gas, gold and diamond reserves. He said the "petro" will help combat the US' "blockade" against the oil-rich country.
Norway's trillion-dollar sovereign wealth fund is proposing to drop oil and gas companies from its holdings, saying it already has enough exposure to the industry and wants to protect against fluctuating oil prices.
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