OPEC, for some quiet moments..

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Exxon Mobil Corp., as operator of the PNG LNG Project and of PRL 3, has signed a Memorandum of Understanding (MoU) with the PNG government with respect to the expansion of the PNG LNG Project. Under the MoU, the PNG LNG Project will supply electricity and gas for domestic power generation, providing a reliable and clean source of energy to support PNG’s urgent power needs. The agreement details the provisions for an LNG expansion project, including the award of a petroleum development license (PDL) and associated pipeline licenses for P’nyang gas field in PRL 3 (Oil Search, 38.51%).

Exxon to add third train to PNG LNG Project

OPEC has no immediate plan to cut its output target for crude, and Iran is strong enough to withstand a deeper slump in prices even if the country must sell at $25 a barrel, Oil Minister Bijan Namdar Zanganeh said.

Iran Sees ‘No Threat’ from Oil at $25 If Prices Keep Falling - Bloomberg

To get to the bottom of these important questions, TNI Executive Editor Harry Kazianis interviewed Ian Bremmer, a TNI contributing editor and president of the Eurasia Group on where sustained, lower oil prices could take nations like Russia, America and others.

Saudi Arabia's Oil Strategy: "Chill, Not Kill" America's Energy Revolution | The National Interest

Non-OPEC oil producers will increase output this year at a slower rate than previously forecast, aiding a recovery in crude prices, the International Energy Agency said. The adviser lowered its non-OPEC supply growth estimate by 350,000 bopd, the first cut since the 2015 forecast was introduced in July. Half the cut is from Colombian output while effects on U.S. production are so far “marginal,” it said.

IEA sees oil-price recovery; cuts 2015 non-OPEC output estimate

U.S. drillers have taken a record number of oil rigs out of service in the past six weeks as OPEC sustains its production, sending prices below $50 a barrel. The oil rig count has fallen by 209 since Dec. 5, the steepest six-week decline since Baker Hughes Inc. began tracking the data in July 1987. The count was down 55 this week to 1,366. Horizontal rigs used in U.S. shale formations that account for virtually all of the nation’s oil production growth fell by 48, the biggest single-week drop.

Steepest-ever drop in oil rigs shows shale losing fight to OPEC