OPEC, for some quiet moments..

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Oil rebounded above $48/bbl amid a reported decline in U.S. crude stockpiles as the IEA said the market needs time to drain a global inventory glut. Futures advanced as much as 2.4% in New York after slumping almost 11% the previous seven sessions. U.S. inventories fell by 531,000 bbl last week, the industry-funded American Petroleum Institute was said to report. Government data Wednesday is forecast to show stockpiles rose for a 10th week. Oil markets are still struggling to clear a surge in supply from OPEC at the end of last year, according to the IEA.

Oil gains on U.S. stockpile reduction

Saudi Arabia, seeking to breathe life into its decades-old alliance with the U.S., claimed “a historic turning point” in bilateral relations after President Donald Trump welcomed Deputy Crown Prince Mohammed bin Salman to the White House. “Relations had undergone a period of difference of opinion,” a senior adviser to the crown prince said in a statement after Tuesday’s meeting. “However, today’s meeting has put things on the right track, and marked a significant shift in relations, across all political, military, security and economic fields.”

Trump wins Saudi prince praise for 'turning point' in ties

Total has started production from the Moho Nord deep offshore project, located 75 km offshore Pointe-Noire in the Republic of the Congo. The project has production capacity of 100,000 boed. “Moho Nord is the biggest oil development to date in the Republic of the Congo.  A showcase for Total’s deep offshore operational excellence, it consolidates our leading position in Africa.” stated Arnaud Breuillac, president, exploration & production at Total. “Moho Nord will contribute to the reinforcement of the cash flow of the Group and to its production growth.”

Total starts production on deepwater Congo field

A pioneer of the U.S. shale revolution wants to take fracing to America’s final frontier. Success could help revive Alaska’s flagging oil fortunes. Paul Basinski, the geologist who helped discover the Eagle Ford basin in Texas, is part of a fledgling effort on Alaska’s North Slope to emulate the shale boom that reinvigorated production in the rest of the U.S. His venture, Project Icewine, has gained rights to 700,000 acres inside the Arctic Circle and says they could hold 3.6 Bbbl of oil, rivaling the legendary Eagle Ford.

A father of fracing sees Alaska's North Slope emulating Eagle Ford