OPEC, for some quiet moments..

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Crude prices are selling off, aided by Saudi comments that a decision will not be forthcoming from next week's OPEC meeting in Algiers. Add to this news that the Federal Reserve is looking to restrict bank involvement in physical commodities...and dollar strength as the cherry on top...and oil is heading lower into the weekend.

Crude Crashes As Saudis Kill OPEC Meeting Before It Even Started | OilPrice.com

Crude oil production in the United States has decreased by more than 10 percent since the record high of 2015, from 9.6 million barrels per day (mmbpd) to less than 8.6 mmbpd. However, the drop in shale oil production has reached almost 20 percent. Moreover, if the increasing Permian Basin production were left out of the equation, the decrease in U.S. shale oil output would be about 33 percent! And this fall will deepen as the number of new wells is still not sufficient.

Is U.S. Shale Nearing Collapse? | OilPrice.com

In response, Rosneft has embarked on a surge in drilling and investment. The 2.8km-deep well that Mr Stefanishin is overseeing will be one of 1,500 drilled in 2016; in the first half of this year, Yuganskneftegaz’s drilling rate was 148 per cent higher than the same period two years ago. Rosneft’s new focus on its Soviet-era brownfield assets comes after the tumble in global oil prices and western sanctions forced it to temper its ambitions to develop new resources, most notably in the Arctic. But after years of under-investment in western Siberia, the effect of Rosneft’s shift on the oil markets could be significant.

Russia: Siberian spring - FT.com

French oil major Total SA on Thursday said it would further cut investment and costs on its operations to retain profitability as it continues to counter the oil-price collapse. Patrick Pouyanné, Total’s chief executive, Thursday told investors and analysts he will pursue the strategy that has kept the company in the black for most of the time since oil price collapsed in the second half of 2014: cut investment, lift operating efficiency and boost oil and gas output.

Total Cuts Investments, Costs Further to Lift Profitability - WSJ