OPEC, for some quiet moments..

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Saudi Arabia will consider renewing its pledge to cut crude output in six months and has already reduced production by more than its targeted level, Energy Minister Khalid Al-Falih said. The world’s biggest oil exporter agreed to cut 486,000 bpd from Jan. 1 for six months as part of a global deal to reduce output to curb a supply glut. The caps on production, together with rising demand and natural decreases in output in some countries, will help balance the market and support prices, he said. Kuwait has also exceeded its targeted cut, according to that country’s oil minister.

Saudi oil cuts exceeds target and Kingdom may cut for longer

Exxon Mobil has reported positive results from its Payara-1 well offshore Guyana. Payara is the company’s second oil discovery on the Stabroek Block and was drilled in a new reservoir. The Payara-1 well targeted similar aged reservoirs that were proven successful at the company’s Liza discovery. “This important discovery further establishes the area as a significant exploration province,” said Steve Greenlee, president of Exxon Mobil Exploration Company. “We look forward to working with the government and our co-venturers to continue evaluating broader exploration potential on the block and the greater Liza area.”

Exxon Mobil announces new oil discoveries offshore Guyana

Crude oil at $50/bbl is too low for most producing countries, according to United Arab Emirates Energy Minister Suhail Al Mazrouei. Prices have climbed almost 20% to above $50/bbl since the Nov. 30 agreement by the Organization of Petroleum Exporting Countries to cut production for the first time in eight years to curb a global glut. OPEC is reducing output along with 11 other producing nations including Russia after a slump in oil prices the past two years eroded revenue.

U.A.E. says $50 oil ‘isn’t going to cut it’ for producers

Driven by the success of Eni’s major Zohr field gas discovery offshore Egypt in 2015, companies are rethinking the Eastern Mediterranean region’s gas potential, according to new analysis from IHS Markit. Total’s announcement that it will drill a 2017 exploration well in its deepwater Block 11 located offshore Cyprus indicates the growing interest in the wider region.

Total’s Cyprus Block 11 could rival Egypt’s Zohr discovery, IHS Markit says