OPEC, for some quiet moments..

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Oil climbed to a two-year high as U.S. industry data showed crude stockpiles resumed declines and investors awaited a decision by OPEC on extending output cuts. January futures rose as much as 2.2% in New York, the highest since mid-2015. U.S. inventories fell by 6.36 MMbbl last week, the API was said to report. That’s more than forecast in a Bloomberg survey, which shows a drop of 2.2 MMbbl ahead of government data later Wednesday.

Crude climbs to two-year high as stockpiles fall before OPEC meets

As the price of oil rises, an international rush is on for Mexico’s untapped deepwater riches. The who’s who of the oil world -- led by ExxonMobil Corp. and Royal Dutch Shell Plc, the world’s two biggest drillers by market value -- are lining up to bid in the country’s Jan. 31 deepwater auction. And the interest is international in scope, drawing Chevron Corp. from the U.S., the UK’s BP Plc, Norway’s Statoil ASA, France’s Total SA, Australia’s BHP Billiton Ltd, Russia’s Lukoil PJSC and China’s Cnooc Ltd, among others.

As oil prices rise, global majors eye Mexico's deep waters

Statoil Brasil Oleo e Gas Ltd., a subsidiary of Statoil ASA, ExxonMobil Exploracao Brasil Ltda., a subsidiary of ExxonMobil Corporation, and PETROGAL BRASIL, SA, a subsidiary of Galp, were the high bidders for a production sharing contract for the Carcará North Block in Brazil’s second pre-salt offshore licensing round held on Oct. 27. The consortium comprising Statoil (operator, 40%), ExxonMobil (40%) and Galp (20%) presented the winning bid (67.12% of profit oil) for the Carcará North Block in the Santos basin. The pre-determined signature bonus to be paid by the consortium is BRL 3.0 billion, approximately $910 million. Statoil’s share is $364 million.

Statoil strengthens its position in Brazil's Carcará oil discovery

The 20 percent increase in oil prices since September led to a wave of hedging by U.S. shale drillers eager to lock in future production at prices not seen in years. The flip side of that hedging wave is that locking in prices could cut the price rally off at the knees, ensuring that more supply will be forthcoming in the next few quarters.

Shale Hedges Threaten The Oil Rally | OilPrice.com