OPEC, for some quiet moments..

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The head of the Organization of Petroleum Exporting Countries said he wants oil producers outside the group to assist in reducing the global oversupply, signaling once again that OPEC won’t make output cuts alone. “It is vital the market addresses the issue of the stock overhang,” Secretary-General Abdalla El-Badri said Monday at a conference in London. “It should be viewed as something OPEC and non-OPEC tackle together.”

OPEC’s El-Badri calls on global oil producers to help curb glut

Russia could work with the Organization of Petroleum Exporting Countries on removing supply from the market if a political decision was taken to cooperate, OAO Lukoil Vice President Leonid Fedun said in an interview with state news agency Tass. At current prices, it makes more sense to preserve oil fields at optimum working levels than to push Russian output to new records, Fedun said. He didn’t specify how Russia should work with OPEC.

Russia could work with OPEC on supply, Lukoil’s Fedun tells Tass

Saudi Arabian Oil Co. is pumping at high levels as it sees demand growing, and the state-run company may open a possible share offering to international investors. Saudi Aramco, as the world’s largest oil business is known, is still considering “all options” in any future public offering, including the sale of shares internationally, Chairman Khalid Al-Falihsaid in an interview on Al Arabiya television. The company isn’t considering selling its oil reserves, he said.

Saudi Aramco may open IPO to foreigners as it keeps output high

The pace of drilling in the North Sea, the center of UK oil production for the past 40 years, has sunk to a record as crashing energy prices force explorers to abandon costly projects. Just 63% of oil and gas rigs in the UK North Sea were being used as of Jan. 19, according to data provider RigLogix. That’s the lowest since the Houston-based company started tracking their operation in 2000. In the Norwegian North Sea, the 71% rate is also the worst on record.

Oil drilling at record low spells doom for North Sea’s revival