OPEC, for some quiet moments..

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The Australia Pacific liquefied natural gas (LNG) plant, run by ConocoPhillips , confirmed on Monday that production had begun in the second of its two units. "The second train is up and running, enabling our LNG Facility on Curtis Island to deliver commercial quantities of LNG at sustained output from both trains," Australia Pacific LNG Chief Executive Page Maxson said in a statement.

Australia Pacific LNG second unit starts producing | Reuters

Oil prices on Tuesday retreated from one-year highs, after OPEC said it was trying to reach a global agreement to cap production for at least six months amid doubts about how much that would reduce a crude glut. The International Energy Agency, the energy watchdog of the West, said it was unclear how rapidly global oil supply could fall in line with demand even if the Organization of the Petroleum Exporting Countries and major producer Russia agreed on a steep output cut. [IEA/M]

Oil down on OPEC doubts as it floats six-month output cap plan | Reuters

Saudi Arabia, the biggest oil exporter, sees its crude reserves of 266.5 billion barrels lasting 70 more years and hasn’t sought an independent consultant to review the figures, according to a bond prospectus seen by Bloomberg News. The nation’s wealth is based mainly on oil, with crude sales accounting for 75 percent of total export earnings, according to the prospectus. Saudi Arabia plans to sell at least $10 billion in bonds maturing in five, 10 and 30 years, and it disclosed plans to hold investor meetings in London, Los Angeles, Boston and New York starting on Wednesday.

Saudi Arabia Sees Its Oil Reserves Lasting Another 70 Years - Bloomberg

Due to the slump in oil prices, OPEC producers have lost more than US$1 trillion in revenues over the past three years, OPEC Secretary General Mohammad Barkindo has told reporters in Washington DC.

OPEC Chief Says Cartel Lost US$1 Trillion To Oil Price Bust | OilPrice.com