International Energy Agency cuts 2011 forecast by 200,000 barrels and 2012 estimate by 400,000, although price not expected to collapse.
Newly listed oil and gas producer Vallares, led by former BP boss Tony Hayward, is set to merge with Genel Energy International.
ExxonMobil has formed an Arctic exploration partnership with Russian state oil company Rosneft, in a strategic coup over rival BP.
LVAM's Graham Ashby and Cavendish's Paul Mumford have both ruled out buying into Glencore, although its share price has dived 13% since listing on the London market in May.
JPM's Neil Gregson has called the bottom of the market for gold mining stocks, especially small caps, tipping them to pick up against bullion as investors look to add risk to their portfolios.
Gold prices took a nose dive overnight as investors u-turned on risk assets ahead of an expected round of further stimulus in the US, leaving the price more than $160 lower.
Brent crude fell back sharply towards $100 overnight as the Libyan uprising moved closer to its conclusion.
Walker Crips managers Steve Bailey and Jan Luthman have cut exposure to gold ETFs by 20% deeming it a ‘crowded trade'.
BlackRock's Evy Hambro, manager of the £2.8bn Gold & General fund, said gold should be trading about 30% above its current record high, taking inflation into account.