OPEC, for some quiet moments..

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Qatar Petroleum plans to start a new development in the offshore North field, ending a 12-year ban on new projects that allowed the company to assess how its current rate of extraction affects the giant reservoir it shares with Iran. The patch, in the southern section of the field, will have a capacity of 2 Bcfgd, or 400,000 boe, and should start production in five to seven years, CEO Saad Sherida Al Kaabi told reporters Monday at Qatar Petroleum’s headquarters in Doha.

Qatar to drill in biggest gas field after 12-year freeze

Crude traded near $50/bbl as a rebound in Libyan oil production and U.S. supply gains countered optimism that OPEC would continue to restrain output. Futures in New York fluctuated after rising 5.5% last week. Libya’s output rose to about 660,000 bpd as the OPEC member’s biggest oil field resumed pumping, a person familiar with the matter who asked not to be identified said. OPEC Secretary-General Mohammad Barkindo said Sunday that he is “cautiously optimistic that the market is already rebalancing,” while data on Friday showed the number of active oil rigs in the U.S. rose to the highest since September 2015.

Oil trades near $50 as Libya output rebound offsets OPEC cuts

When it comes to petroleum, the U.S. is the land of plenty. The year 2017 started off with a bang for American oil companies as total crude and petroleum products exports rose to a record 5.69 MMbpd in January, government data show. A surplus of fuels means exports are available all the way down the hydrocarbon chain from crude to propane as resilient U.S. shale producers are learning to grow their output with oil dancing around the $50/bbl mark.

U.S. petroleum exports climb to record as crude output grows

Malaysia’s Petroliam Nasional Bhd may be looking at building a $27-billion liquefied natural gas export terminal in northwestern Canada on the site of an abandoned Royal Dutch Shell Plc energy project, according to the company’s CEO. While Petronas, as the state-owned company is known, has yet to make a financial decision to move forward with its Pacific Northwest LNG project in British Columbia, Shell’s Ridley Island site “could be one of the options” for a location for the complex, CEO Wan Zulkiflee Wan Ariffin said in an interview in Kuala Lumpur on Friday.

Petronas to consider Shell site for Canadian LNG project