OPEC, for some quiet moments..

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OPEC will stand by its decision not to cut output even if oil prices fall as low as $40/bbl and will wait at least three months before considering an emergency meeting, the United Arab Emirates’ energy minister said.

U.A.E. sees OPEC output unchanged even if oil drops to $40/bbl

U.S. producers battling OPEC for market share may increase output further from the highest rate in more than three decades as costs decline almost as fast as oil prices, according to Goldman Sachs Group Inc. The slump in benchmark U.S. crude futures, which are down more than 40% this year, is driving producers to move rigs to lower-cost fields, the bank said in an emailed report on Dec. 15. While there’s evidence of some rebalancing starting to occur in the market, that isn’t sufficient, it said.

Goldman sees U.S. oil production steady as costs sink with price

The ruble continued its rout on Tuesday, after the Russian central bank’s surprise interest-rate rise to 17% failed to halt the steep slide in the currency. The ruble initially rallied after the rate-hike announcement early Tuesday. However, as worries grew that the increase wouldn’t be enough to end the pressure, the Russian currency fell back to trade around an all-time low against the dollar. In midday European trade, the dollar bought 73.0020 rubles, compared with 65.6020 late on Monday.

Ruble plunges to record low after rate hike fails to halt slide - MarketWatch

Mexico is getting ready to welcome the U.S. shale revolution into its borders after 75 years of state monopoly. The timing couldn’t be worse. As a flood of supplies from Texas to North Dakota sends oil into a nosedive, U.S. producers are reducing investment budgets for 2015. The cuts dim the chances they’ll take their fracing and horizontal drilling capabilities down south anytime soon.

Mexico shale boom outlook dims as U.S. drillers struggle at home