OPEC, for some quiet moments..

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Oil rose for a second day as wildfires in Canada cut oil-sands production and U.S. output declined the most in eight months. A wildfire in the heart of Canada’s oil-sands-producing region has forced oil companies to cut production. U.S. output slid to the lowest since September 2014 last week, according to government data released Wednesday. Iran, which refused to join other nations in a push to freeze output in April, could be ready to start discussions on production quotas within one or two months, according to an official from the state oil company.

Oil rises amid Canadian wildfires, U.S. output drop

At first blush, the rally in oil to start 2016 bears some resemblance to the rally at the start of last year, which ultimately ended in tears. This time, though, analysts at Citigroup Inc. led by Seth Kleinman say the rally has legs. "The extra year of low prices has finally derailed the supply resilience that defined markets last year," writes Kleinman.

Why this year's oil rally might be for real

When OPEC members couldn't agree at their April meeting to cap oil output in an effort to boost prices, did it signal the end of the cartel's reign as the world's energy swing producer—leaving the door open for American shale producers to take over the crown? It's a distinct possibility, according to Dan K. Eberhart, CEO, Canary, LLC and an expert on U.S. and international energy policy.

As OPEC infighting continues, U.S. becomes swing producer

Iran said it may be ready for joint action with members of the Organization of Petroleum Exporting Countries in as little as one or two months, once it regains the market share it had before sanctions were imposed. Iran, which refused to join other nations in a push to freeze output last month, could reach pre-sanctions export levels of 2.2 MMbpd in one to two months or by the end of the summer, National Iranian Oil Co. Managing Director Rokneddin Javadi said in Tehran. Exports averaged 2.1 MMbpd last month out of total production of 3.7 million, he said.

Iran ready for action with OPEC once it restores earlier output