OPEC, for some quiet moments..

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China confirmed the reshuffle of the leadership of its biggest oil companies, helping clear a path in a crucial area of the economy for President Xi Jinping as he plans his overhaul of the nation’s bloated state sector. Changes to the top executives at China National Petroleum Corp., Sinopec Group and China National Offshore Oil Corp. could accelerate market-driven reform of the oil and gas industry. The new chairmen will also be challenged to steer the oil giants through Xi’s corruption crackdown, which has wracked the industry, and a tumble in global crude prices.

Leadership reshuffle at China big oil clears path for reform

OPEC oil production was little changed in April near the highest level since November 2012 as Saudi Arabia pumped 10 MMbpd.

OPEC oil output near 2 1/2-year high as Saudis show no letup

“Deepwater exploration has an important role to play as we go forward,” Fryklund suggested. “Even though we’ve had shale fever for the last few years.” Fryklund expects the Gulf of Mexico “continuing to be the pipeline through new plays. The Miocene play has flattened a bit, but there are opportunities for discoveries in the Lower Tertiary and the Jurassic.” He also mentioned Brazil’s pre-salt and East Africa as some of the regions that could be expected to contribute new production in the coming decades.

OTC ’15: Deepwater offers opportunities to fill supply gap of 20 MMbopd by 2040

The United States is edging towards an historic agreement to swap crude oil with Mexico. The deal is important as it brings some relief to US producers struggling with a light oil glut at home and for Mexican national oil company, Pemex, which is hoping to mix the lighter crude coming out of US shale fields with its heavier blend. However, the arrangement is not just about the relationship between the US and Mexico. It’s also about broader North American energy integration. And critically, many experts see the deal as another crack in the US crude oil export ban.

This Deal Could Completely Change North American Energy Dynamics