OPEC, for some quiet moments..

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Chevron Corporation has announced a $26.6-billion capital and exploratory investment program for 2016. The 2016 budget, which includes $4.5 billion of planned expenditures by affiliates, is 24% lower than total expected investments for 2015. Chevron has set its total upstream spend at $24 billion, with $5.4 billion earmarked for the U.S. and $18.6 billion set for international operations.

Chevron cuts 2016 budget by a quarter to $26.6 billion

ConocoPhillips unveiled a significantly reduced budget for 2016 on Thursday. The company has set its 2016 capital budget at $7.7 billion, which represents a 55% reduction from 2014 and a 25% reduction as compared with expected 2015 capital spending.

ConocoPhillips cuts 2016 budget 25% to $7.7 billion

The next two quarters will be tough on crude prices, but 2016 will be a year of transition for oil markets, IHS Vice Chairman Dan Yergin said Friday. Yergin told CNBC's "Squawk Box" he expects oil markets to begin to balance next year or in 2017. "The oil market "can't stay low like this because you're not going to have the investment you need," he said." "By 2020, the world oil market is going to need another 7 million barrels a day of production." "Right now, the whole mantra is slow down, postpone, cancel projects," he added.

Yergin: Why oil prices cannot stay this low

And that's pretty grim news for about half of the cartel's members, who are already struggling with low prices amid a supply glut. "[The] OPEC meeting ended without a decision, putting on full display the vast divide between OPEC members," wrote RBC Capital Markets global head of commodity strategy Helima Croft. "We believe that the current OPEC strategy — or non-strategy — leaves a significant portion of the cartel at risk for a significant crisis in 2016."

OPEC strategy leaves many at risk for a significant crisis - Business Insider