Saudi Arabia has cut crude oil supply to some of its major customers, complying with Organization of Petroleum Exporting Countries (OPEC) reduced quotas on oil production output. 

Ecuador Oil Minister Derlis Palacios said on a news conference that negotiations with Spanish-Argentine company Repsol on changing the contract from getting per-barrel percentage to being paid for services had failed. Ecuadorian government since January tries to renegotiate contracts with five private oil companies working in the country to get higher share in oil income. 

Exxon Mobil reported that its third-quarter net profit was $14.83 billion or $2.86 per share, setting a new quarterly profit record for a U.S. company.  A year later company’s profit was $9.41 billion or $1.70 per share.

Brazil’s state run oil company Petrobras plans to sign an agreement with Cuba Petroleo for deepwater exploration and production in the Cuban offshore. The agreement will be discussed during a two-day visit by President Luiz Inacio Lula da Silva, coming to Cuba from IberoAmerican summit in El Salvador.