OPEC, for some quiet moments..

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The United Arab Emirates foresees a “correction” in crude prices by the end of the year, and the OPEC member has yet to receive an invitation to a possible meeting of oil-producing nations seeking to rein in a global supply glut, Energy Minister Suhail Al Mazrouei said. Markets are poised to re-balance as many oil-producing assets outside the Organization of Petroleum Exporting Countries lose money at current prices, Al Mazrouei told reporters Monday in Abu Dhabi. Declining output at fields that need higher prices to break even is “good news” that points toward a more stable market, he said.

Oil price ‘correction’ seen by year-end by U.A.E. energy minister

U.S. crude production will fall to its lowest since 2013 next year as battered shale drillers idle rigs to conserve cash, according to a government report. Producers from Texas to Alaska will pump 8.19 MMbopd in 2017, down from 8.67 MMbopd this year and less than the 8.46 MMbopd previously forecast, the Energy Information Administration said in its monthly Short-Term Energy Outlook Tuesday. The forecast for crude output in 2016 was also cut, from 8.69 MMbopd estimated in February. The decline won’t be enough to boost crude prices beyond last year’s level, though, according to the EIA estimates.

U.S. oil production headed to four-year low as shale boom wanes

Chevron has started producing LNG and condensate at the Gorgon Project on Barrow Island off the northwest coast of Western Australia. The first LNG cargo is expected to be shipped next week. “We expect legacy assets such as Gorgon will drive long-term growth and create shareholder value for decades to come,” said Chairman and CEO John Watson. “The long-term fundamentals for LNG are attractive, particularly in the Asia-Pacific region, and this is a significant milestone for all involved.”

Chevron achieves first LNG production at Gorgon

China’s crude imports rose to a record as oil’s crash to the lowest in more than 12 years boosted buying. The world’s biggest energy user increased inbound crude shipments in February by 19 percent from the previous month to 31.8 million metric tons, according to data from the Beijing-based General Administration of Customs on Tuesday. That’s equivalent to about 8.04 million barrels a day, the highest daily average on record. Oil product exports slid a second month to 2.99 million tons, the lowest since May.

China Crude Imports Hit Record as Price Crash Boosts Buying - Bloomberg Business