OPEC, for some quiet moments..

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Argentina's state-run oil firm YPF SA, France's Total SA, Wintershall Energía SA and BP unit Pan American Energy LLC announced a $1.15-billion joint investment on Tuesday to increase shale gas production. The investment is the largest specific project announcement since March in Vaca Muerta, one of the world's largest shale formations, as Argentine President Mauricio Macri's government tries to reduce reliance on gas imports that have strained Argentina's finances.

Total, BP unit, YPF announce $1.15-billion investment in Argentina's Vaca Muerta

Oil edged up to about $49/bbl on Monday after fewer drilling rigs were added in the United States last week, helping ease concerns that surging shale supplies will undermine OPEC-led production cuts. U.S. drillers added two oil rigs in the week to July 14, bringing the total to 765, Baker Hughes said on Friday. Rig additions over the past four weeks averaged five, the slowest pace of growth since November.

Oil edges up towards $49 amid U.S. drilling slowdown

Oil was steady amid mixed signals on U.S. crude inventories, with industry data showing supplies increased last week while government statistics were expected to indicate a decline. Futures were little changed in New York after adding 0.8% on Tuesday. U.S. inventories rose by 1.63 MMbbl last week, according to people familiar with the American Petroleum Institute data. That contrasts with a Bloomberg survey before an Energy Information Administration report Wednesday that forecasts a 3.5 MMbbl decline, which would be the 13th drop in 15 weeks.

Oil steadies amid mixed signals on U.S. crude inventories

OPEC producers are finding that shale oil drillers aren’t their only adversaries in their battle to drain a three-year crude glut. As oil rigs in the U.S. jumped 45% this year, north of the border, oil-sands companies including Devon Energy, Suncor Energy Inc. and Cenovus Energy Inc. have ramped up operations as well. Their thermal production sites are running as much as 30% above capacity this year, squeezing barrels from existing production sites to maximize revenue.

Oil sands seen helping shale counter OPEC efforts to rebalance market