OPEC, for some quiet moments..

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After spending more than five years and billions of dollars trying to re-create the U.S. shale boom overseas, some of the world’s biggest oil companies are starting to give up amid a world-wide collapse in crude prices.

Oil Giants Break Their Picks Trying to Crack Non-U.S. Shales - WSJ

Oil supplies at Cushing, Oklahoma, the delivery point for U.S. futures contracts, surged to a record last week, fueling speculation that prices already at a six-year low will fall further as the nation’s storage tanks fill up. Stockpiles rose 2.87 MMbbl in the seven days ended March 13 to 54.4 MMbbl, the Energy Information Administration said Wednesday. That’s the highest since the agency began tracking inventories at the hub in 2004. Cushing supplies have soared 69% this year as the shale boom boosted U.S. production to the highest in three decades.

Oil supplies at record in Cushing signal lower U.S. prices

Saudi Arabia’s crude oil exports rose 7.8% in January to the highest level in 11 months, according to the Joint Organisations Data Initiative. The world’s biggest oil exporter shipped 7.47 MMbpd in the month compared with 6.93 MMbpd in December, data posted Wednesday on the initiative’s website showed. Shipments increased to the highest since February 2014, the data showed.

Saudi crude exports in January reached highest in 11 months

Oil prices fell once again Thursday, after a minister from the Organization of the Petroleum Exporting Countries (OPEC) said the group did not have a choice with regards to cutting oil production because it did not want to lose its global market share.

OPEC oil minister: We 'have no choice' on output - Yahoo Finance