OPEC, for some quiet moments..

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Only 1 percent of the Bakken Play area is commercial at current oil prices based on my analysis that follows. Only 4 percent of horizontal wells drilled since 2000 meet the EUR (estimated ultimate recovery) threshold needed to break even at current oil prices, drilling and completion, and operating costs. The leading producing companies evaluated in this study are losing $11 to $38 on each barrel of oil that they produce, the very definition of waste.

Only 1 Percent Of Bakken Shale Is Profitable At These Prices | OilPrice.com

Ironically, the rejection of Keystone XL could lead to higher CO2 emissions via more crude-by-rail, according to energy consultant Wood Mackenzie. On Nov 6, the U.S. State Department recommended that TransCanada's petition to build Keystone XL (KXL) be rejected. President Obama agreed with the recommendation citing concerns that the pipeline would advsersely impact climate change and would have limited to no positive impact on the economy.

Heavy oil still flows, despite Obama's Keystone XL rejection: Wood Mackenzie

U.S. crude explorers pulled back drilling rigs for a 10th straight week as conviction grows that the worst oil downturn in decades is nearing its bottom. Rigs targeting oil in the U.S. fell by six to 572, extending a five-year low after nearly 100 were idled since the start of September, Baker Hughes Inc. said on its website Friday. Natural gas rigs gained two to 199, bringing the total down by four to 771. The Eagle Ford Shale in south Texas, whose total rig count is down by 72% since the middle of 2012, was the only one of the four major U.S. basins to drop oil rigs this week. Three were let go there, bringing the active oil rig count down to 61.

U.S. oil drillers idle six rigs as oil cycle hovers near lows

Oil demand will soon reflect the “attractiveness” of the current level of crude prices, and Asia will be a vital engine of economic expansion for decades, Saudi Oil Minister Ali al-Naimi said. OPEC’s chief joined him in seeing Asia as the main hub for growth. Oil demand in Asia will rise by about 16 MMbopd to almost 46 MMbopd by 2040, Abdalla Salem El-Badri, secretary-general of the Organization of Petroleum Exporting Countries, said in an article posted on the International Energy Forum’s website. The region will need to import 40 MMbopd of crude oil and refined products by then, he said.

Current oil price to soon spur demand growth: Saudi oil minister