Critics, however, are not convinced that Shell, BP, and Exxon are turning over a new leaf.
With lower demand and other oil-producing countries flooding the oil market, an oil price crash could happen next year.
State-run firms were not able to meet the target oil output, prompting the India's DGH to look for a better resolution.
The interest in fracking in the U.K. is waning amid the transition to use renewable energy.
The public and opposition are criticizing the UK government's support for Brazil's oil efforts.
The US Energy Information Administration predicted the biggest boom in oil and gas for the US for the first time since 1950.
Two decades from now, nations are expected to rely on green energy to supply their power demands.
Saudi Arabia's mega-city project hopes to be an alternative booster to its oil-dependent economy.
The crude oil prices are not expected for now thanks to the tensions in Iraq and decreased number of active oil rigs.
The price of oil remains steady but a looming Fed meeting can affects its future price.