OPEC, for some quiet moments..

[admin]

U.S. oil producers added rigs for the seventh week in a row, the longest period of expansion since the final days of the drilling boom in early 2014. Rigs targeting crude in the U.S. rose by 15 to 396, after seven were added last week, Baker Hughes Inc. said on its website Friday. Explorers have now added 66 rigs since June 24, led by rising activity in the Permian basin in West Texas.

Operators bring back rigs in longest streak since 2014

The Kingdom is struggling with weak GDP growth, higher fees and taxes, and an economy that is unable to pay the dues to its workers, leaving thousands of workers from South Asia with an uncertain future. When a nation is unable to provide food to its migrant workers, it says a lot about their financial condition. The oil price crash has forced the oil-rich Kingdom to introduce austerity measures, and delay payments to already cash-strapped contractors.

Saudi Arabia can't afford low oil prices - Business Insider

The rebound in U.S. crude prices from a low of about $26/bbl this year hasn’t been big enough for Canadian energy CEOs to start celebrating. Oil is up about 67% from the February doldrums, at just over $40, after falling from a high above $50 in June. The current price is not enough to spur growth in the North American oil and gas industry, the CEOs of producers Crescent Point Energy Corp. and Birchcliff Energy Ltd. said in interviews on Thursday with Bloomberg TV Canada’s Pamela Ritchie.

Oil’s rally seen too low for industry growth, Canadian CEOs say

Crude climbed the most in three months amid speculation that oil producers could agree on moves to support prices during talks in September. Futures surged as much as 5.2% in New York. Talks with oil producers in Algiers next month could include possible action to stabilize the market, Saudi Arabia’s energy minister said, according to Reuters. Differences between Saudi Arabia and Iran caused the demise of a proposal to freeze production at an April summit in Doha.

Oil rises most since May after Saudi comments on producer talks