Tension is rising between Saudi Arabia and Iran through a succession of events leading to accusations of warlike behavior. Source: News

The UK Oil & Gas Authority (UKOGA) forecasts the country’s petroleum reserves could sustain production for at least the next 20 years. Source: News

Mexico’s state-owned Petroleos Mexicanos (Pemex) has discovered what President Enrique Pena Nieto has called the “most important onshore discovery” made by the company in 15 years. Source: News

Total Marketing Services SA and ERG SPA have agreed to sell their remaining assets in TotalErg SPA, an oil product distribution and refining joint venture, to Italy’s Anonima Petroli Italiana (API). ERG holds 51% of the combine and Total has 49%. Source: News

Pembina Pipeline Corp. will proceed with constructing and operating the first tranche under its previously announced 20-year system development and service agreement with Chevron Canada Ltd. covering more than 230,000 acres in the liquids-rich Kaybob region of the Duvernay formation in Alberta. Source: News

Light, sweet crude oil prices soared by more than $1.70 on Nov. 6 on the New York market while Brent crude oil prices jumped by more than $2 in London. The oil benchmarks reached 2-year highs although they were edging down in Nov. 7 trading. Source: News