OPEC, for some quiet moments..

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OPEC is likely to bring the oil market into balance by the middle of next year, but its production cut looks set to fall short of its stated goal of draining the stockpiles that are depressing prices.

OPEC’s Historic Deal Won’t Be Enough to Drain Oil Stockpiles - Bloomberg

“In particular, possible climate policies following COP21 have the potential to reduce energy consumption levels and alter the energy mix substantially,” according to OPEC’s World Oil Outlook released on Tuesday. The cartel is not the first to argue that oil demand may be soon nearing its peak

OPEC Sees Peak Oil Demand In Just Over A Decade | OilPrice.com

For the three titans of Latin American oil—Pemex, PDVSA and Petrobras—last week’s OPEC-driven price rally won’t be enough to halt a slow descent from the ranks of international crude heavyweights. Even as news of the cartel’s 1.2 MMbpd output cut spurred the steepest three-day oil gain in 15 months, the biggest Latin American producers remain hobbled by financial, political, technical and structural problems. Mexico and Brazil have been turning to outside investors to help boost output, with Mexico on Monday offering up stakes for the first time to drill in its deep waters.

Post-OPEC rally no miracle cure for Latin America’s crippled oil giants

Only five of 14 non-OPEC oil producers have agreed so far to meet the group on Saturday for talks aimed at widening a deal to reduce output, casting doubt on whether OPEC will secure the full cuts it is seeking, two OPEC sources said. The Organization of the Petroleum Exporting Countries, which finalised its first oil output cut in eight years last month to prop up prices, is to hold talks with non-member countries in Vienna in the hope that they will also limit supply. The last time non-OPEC countries joined the organization in cutting output, in late 2001 as prices dropped in the aftermath of the Sept. 11 attacks, non-members promised cuts of 462,000 barrels per day, not quite the 500,000 bpd OPEC then sought.

Only five non-OPEC producers so far attending talks to widen output cut | Reuters