OPEC, for some quiet moments..

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Explorers once again idled drilling rigs in U.S. oil fields as crude inventories continue climbing, boosted by a surge in imports. Rigs targeting oil in the U.S. fell by 15 to 372, after one rig was added last week, Baker Hughes Inc. said on its website Thursday. More than 150 have been parked since the start of the year. Natural gas rigs gained 3 to 92, bringing the total down by 12 to 464.

U.S. drillers return to parking oil rigs as supplies build

In its 2016 energy outlook, the oil giant BP predicted that the US would be "energy self-sufficient" by 2021 and oil self-sufficient by 2030. Oil is used for products beyond just power, such as plastics, which is why oil independence would come shortly after energy independence. According to the report, much of this independence will be a function of a global shift, an adoption of more renewable energy, and the growing impact of shale drilling.

BP: US energy self-sufficient in 5 years - Business Insider

An oil shock may be lurking around the corner as the  price bust has hammered investment in future supply, according to the International Energy Agency. “Historic” investment cuts taking place now increase the possibility of oil-security surprises in the “not-too-distant” future, Neil Atkinson, head of the IEA’s Oil Industry and Markets Division, said in Singapore on Wednesday. About $300 billion is needed to sustain the current level of production, and nations including the U.S., Canada, Brazil, and Mexico are facing difficulty in keeping up investments, he said.

Oil security seen at risk by IEA on ‘historic’ spending cuts

A wave of projects approved at the start of the decade, when oil traded near $100/bbl, has bolstered output for many producers, keeping cash flowing even as prices plummeted. Now, that the production boon is fading. In 2016, for the first time in years, drillers will add less oil from new fields than they lose to natural decline in old ones. About 3 MMbopd will come from new projects this year, compared with 3.3 MMbopd lost from established fields, according to Oslo-based Rystad Energy AS. By 2017, the decline will outstrip new output by 1.2 MMbpd as investment cuts made during the oil rout start to take effect. That trend is expected to worsen.

Drillers can't replace lost output as $100 oil inheritance spent