OPEC, for some quiet moments..

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But as today’s engineers start applying the procedure to the horizontal wells that went up during the fracking boom that swept across U.S. shale fields over the past decade, something more powerful, more financially rewarding is happening. The short life span of these wells, long thought to be perhaps the single biggest weakness of the shale industry, is being stretched out. Early evidence of the effects of restimulation suggests that the fields could actually contain enough reserves to last about 50 years, according to a calculation based on Wood Mackenzie Ltd and ITG Investment Research data.

Refracking Is the New Fracking - Bloomberg Business

Oil’s collapse is sending demand in the U.S. and Asia “on a tear” that will push prices up this year and into 2016, according to hedge fund manager Andrew J. Hall. “Phenomenal demand growth in most markets” has stemmed a surplus in oil supply that, at 240 MMbbl, is about half what most analysts predicted, Hall wrote in a letter to investors in his Astenbeck Capital Management dated July 1. “For the past 4 weeks the year over year growth in apparent oil demand is a whopping 1.34 MMbpd or 7.2%,” the crude trader said, referring to barrels per day in the U.S.

Renowned trader sees ‘phenomenal’ demand in U.S., Asia ending oil glut

Even with the oil market in a funk again, producers are adjusting and Precision Drilling Corp. sees the potential for more spending by customers in the second half. Canada’s largest drilling services company sees some room for the North American rig count to rebound as customers restart wells and upgrade equipment after cutting costs, CEO Kevin Neveu said in an interview. The current price slump poses no threat to Precision’s dividend, he said.

Precision sees room for rig rebound as producers weather slump

Continuing armed fighting, trade disputes and low oil prices are having a considerable negative impact on South Sudan’s oil industry, with existing asset holders reducing investments and potential investors being deterred by instability in the region, says an analyst with research and consulting firm GlobalData. According to Jonathan Markham, GlobalData's analyst covering upstream oil & gas, reported production in South Sudan was approximately 240,000 bopd at the end of 2013, prior to the start of the conflict, but this is believed to have fallen to around 165,000 bopd in 2014.

Conflict continues to stifle South Sudan’s oil sector, GlobalData analyst says