OPEC, for some quiet moments..

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Iran may join other oil suppliers in freezing production after restoring its own output to levels before sanctions were imposed, Russian Energy Minister Alexander Novak said after meeting with the Persian Gulf nation’s oil minister. Iran has “reasonable arguments” not to be constrained by the freeze for now, Novak told reporters Monday at the Russian embassy in Tehran. “Iran may join us in the freeze with time,” he said. “This is a normal, constructive position from our Iranian partners.”

Iran may join oil freeze after boosting output, Russia says

Oil maintained gains after a government report showed a smaller-than-anticipated U.S. crude inventory increase. Crude inventories rose 1.32 MMbbl to 523.2 MMbbl last week, according to the Energy Information Administration. That kept supplies at the highest level since 1930. A 3.2 MMbbl supply gain was projected by analysts surveyed by Bloomberg. Supplies of gasoline and distillate fuel, a category that includes diesel and heating oil, slipped.

Oil holds gains on less-than-projected U.S. inventory rise

The National Energy Board (NEB), the British Columbia Oil and Gas Commission, the Yukon Geological Survey, the Northwest Territories Geological Survey and the British Columbia Ministry of Natural Gas Development today released the first detailed study estimating the marketable unconventional natural gas resources in the Liard basin.

Assessment shows Liard basin among largest shale gas resources in the world

U.S. crude production will fall to its lowest since 2013 next year as battered shale drillers idle rigs to conserve cash, according to a government report. Producers from Texas to Alaska will pump 8.19 MMbopd in 2017, down from 8.67 MMbopd this year and less than the 8.46 MMbopd previously forecast, the Energy Information Administration said in its monthly Short-Term Energy Outlook Tuesday. The forecast for crude output in 2016 was also cut, from 8.69 MMbopd estimated in February. The decline won’t be enough to boost crude prices beyond last year’s level, though, according to the EIA estimates.

U.S. oil production headed to four-year low as shale boom wanes