OPEC, for some quiet moments..

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Exxon Mobil has reported a significant discovery with a potential recoverable resource of between 500 MMbbl and 1 Bbbl of oil on Owowo field, offshore Nigeria. The Owowo-3 well, which was spud on Sept. 23, encountered about 460 ft of oil-bearing sandstone reservoir. Owowo-3 extends the resource discovered by the Owowo-2 well, which encountered about 515 ft of oil-bearing sandstone reservoir.

Exxon Mobil in billion barrel discovery offshore Nigeria

Capital investment in the oil and gas industry in Sub-Saharan Africa has been cut by $100 billion over the next five years, according to Wood Mackenzie's latest report on upstream activity in the region. Major oil companies are heavily invested in Sub-Saharan Africa and account for the bulk of the cuts.

Upstream capex spend cut by $100 billion over the next five years in Sub-Saharan Africa: WoodMac

Oil and gas companies in Norway cut spending forecasts for 2017, deepening what was already a record reduction in offshore investment. The companies expect to invest 147 billion kroner ($17.2 billion) next year, down 3.6% from a previous estimate, according to a quarterly survey published Wednesday by Statistics Norway. They previously reduced their forecast in August.

Norwegian producers deepen record spending cuts amid rout

Wood Mackenzie's latest study on Libya's oil production shows the country's output has doubled from 300,000 bopd in early September to close to 600,000 bopd today, adding to the global oil supply glut. Although an OPEC member, Libya's output has fallen so drastically it won't be bound by any production restrictions. The country will seek to recover its lost market share, notably in southern Europe where refineries prize its light, sweet blends.

Libyan oil production shows signs of continued gains: Wood Mac