OPEC, for some quiet moments..

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The tanker Paramount Helsinki docked in Pascagoula, Mississippi, last week bearing the lifeblood of Chevron’s refinery there: 532,000 bbl of thick Venezuelan oil. Its arrival on July 23, as Venezuela’s democracy slid into what may be its final crisis, underscores the uneasy partnership that the American oil industry has entered with a nation some fear is marching toward dictatorship.

As Venezuela spirals, U.S. oil confronts a $10-billion threat

The frantic shale race may be causing some long-term damage to assets in the Permian and other major U.S. oilfields. As production from wells rapidly declines, drillers are rushing to add new ones at a faster pace in order to keep increasing output. The problem is that drilling multiple wells closer together is contributing to the drop in established ones, and sometimes causing harm that can’t be fixed.

Wild shale race may be harming the Permian's oil trove

The “magic” of $50 oil is now in the sights of deep-sea drillers as they try to lure customer spending from shale wells on land. And after more than three years of pain, that prospect has some investors excited. Transocean Ltd. rose the most in more than eight months after the world’s biggest provider of offshore rigs predicted explorers could soon shift their spending from land to sea as crude futures inch closer to the key level. Shares of other deepwater service providers like Diamond Offshore Drilling Inc. and Noble Corp Plc also surged on the heels of Transocean’s rally.

$50 oil "magic" boosts offshore drillers' hopes of competing with shale

Indonesia wants Chevron Corp. and ConocoPhillips to submit proposals to renew their licenses to operate oil and gas fields as the former OPEC member seeks to reverse a decline in energy investments. Energy and Mineral Resources Minister Ignasius Jonan asked Chevron executives last week to inform the ministry about the explorer’s plans for Indonesian operations beyond 2021, he said in an interview. The government expects Chevron to make a proposal within this year, he said. Jonan also told Conoco executives to prepare a proposal if they wished to seek an extension for a block set to expire in 2020.

Indonesia seeks Chevron, ConocoPhillips proposals in investment push