OPEC, for some quiet moments..

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Oil producers in the U.S. are proving more resistant to low prices, even as global supply is set to fall into a deficit next year. The Energy Information Administration increased its domestic output forecast for 2017 to 8.31 MMbopd from the 8.2 MMbopd projected in July, according to its monthly Short-Term Energy Outlook released Tuesday. Global oil consumption will exceed supply by an average 170,000 bpd next year, which compares with a 10,000 bpd surplus in July’s outlook.

U.S. oil production proves resilient as forecast increased

Saudi Arabia told OPEC that it pumped a record 10.67 MMbopd in July to meet a summer surge in domestic demand, an increase that will do nothing to endear OPEC’s leading exporter to other members seeking output limits to shore up prices.

Saudi Arabia said to report record oil output on summer demand

Saudi Arabia and Iran are showing no letup in their market share war, just days after OPEC announced an informal meeting to discuss ways to stabilize falling prices. The Organization of Petroleum Exporting Countries announced on Monday it will hold informal talks on the sidelines of a conference in the Algerian capital next month. Saudi Arabia, the world’s largest crude exporter, told OPEC that it boosted oil output to a record 10.67 MMbpd in July, two people with knowledge of the data said. Iran’s output is up to 3.85 MMbpd, Fars news agency reported, citing Oil Minister Bijan Namdar Zanganeh. That’s the highest since 2008, data compiled by Bloomberg show.

Saudi-Iran oil rivalry heats up as OPEC seeks to stabilize price

Argentina’s promising Vaca Muerta unconventional energy play could deliver approximately 560,000 bpd of liquids and 6 Bcfgd by 2040, increasingly meeting the country’s growing demands for energy with domestic production and helping reduce its dependence on imports, according to recent analysis from IHS Markit. However, this energy potential, which translates to a cumulative production of 2.8 Bbbl of oil (liquids), and 33 Tcf of gas by 2040, comes with some important caveats, IHS Markit said in its newly released IHS Energy Vaca Muerta Insight Series: Supply Scenarios for Argentina’s Energy Future. These include the need for significant annual investment of $8 billion in drilling and completion alone at peak activity, combined with continued government assurance of a stable business climate.

Vaca Muerta is key energy to Argentina energy exports, IHS Markit says