OPEC, for some quiet moments..

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Oil’s biggest slump in four years will lose momentum because the plunge in Chinese equities and Greece’s economic crisis won’t dent global demand, according to Morgan Stanley, UBS Group AG and Societe Generale SA. Crude is set for a “modest recovery” after declining 13% in the five sessions through Wednesday, Morgan Stanley estimates, while demand will push prices up by year-end, according to hedge fund manager Andrew J. Hall. Any nuclear deal with Iran won’t quickly revive the OPEC member’s crude exports, so wouldn’t immediately weigh on prices, Societe Generale said.

Oil rout seen ending as demand trumps China’s market crash

The latest fall in oil prices is once again putting pressure on indebted shale companies. After falling from over $100 per barrel down to $43 per barrel at its lowest point in March of this year, WTI prices rebounded with a 40 percent rise, trading for more or less $60 per barrel for May and June. The rebound appeared to spell the end to the worst of the glut, with production plateauing, if not falling, and demand starting to rise. Although estimates were all over the map, many saw a strong bounce coming in the oil markets, with some even predicting supply shortages before the end of the year.

Oil Price Plunge Raises Fears for Indebted Shale Companies | OilPrice.com

Despite lower oil prices and other challenges, growth in Canadian oil sands will continue and remain one of the top sources of global supply growth in coming years, according to a new report by IHS. Oil sands growth, which previously rose 1.2 MMbpd from 2005 to 2014, is expected to add an additional 800,000 bpd of new production by 2020. This would keep Canada the third largest source of supply growth in the world through that period (a rank it has held since 2005). IHS will release its complete oil sands production forecast later this month.

Oil sands will continue to be a leading supply source, IHS says

The Republican-led House Oversight and Government Reform Committee has issued a subpoena to U.S. Secretary of State John Kerry to provide all reports, recommendations, letters, and comments received by the State Department from the advising agencies pursuant to Executive Order 13337 regarding the permit for the Keystone XL pipeline. Wednesday’s subpoena follows letters to the State Department on Feb. 24 and June 15 requesting the same documents.

House committee subpoenas U.S. State Department for Keystone XL documents