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Crude oil prices on the New York market fell nearly $1 for both September and October delivery on Aug. 10 as little news came out of a joint technical meeting between the Organization of Petroleum Exporting Countries and non-OPEC countries in Abu Dhabi.

Global oil stocks fell by 500,000 b/d and preliminary data for July, particularly in the US where stocks fell by 790,000 b/d, is supportive of rebalancing supplies with demand, according to the most recent Oil Market Report from the International Energy Agency.

The US Federal Energy Regulatory Commission regained its quorum after 6 months as its two newest members, Neil Chatterjee and Robert F. Powelson, were sworn in on Aug. 8 and 10, respectively.

Singapore-based Zeta Energy Pte. Ltd., a wholly owned subsidiary of investment group Zeta Resources Ltd., has launched a partial offer for Wellington-based New Zealand Oil & Gas Ltd. (NZOG). If successful, Zeta would gain a 50.1% controlling interest in NZOG.

Ten years ago, officials of the US government would have thought twice about imposing sanctions on three of the world's top 12 oil-producing countries. They would have worried about oil supply. Markets, similarly fretful, would have become nervous. The mere possibility of retaliation in the oil market would have increased prices.

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