OPEC, for some quiet moments..

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Saudi Arabia is wrong to think that U.S. shale production won’t respond to higher oil prices in 2017, according to Goldman Sachs Group. While crude may rise to over $60/bbl if OPEC members and other nations cut production as promised, a rebound in U.S. shale output would bring prices back to $55, the bank’s forecast for the first half of next year, it said in a report. Saudi Energy Minister Khalid al-Falih said on Saturday he didn’t expect a big supply response from American shale producers in 2017.

Saudis wrong to rule out U.S. shale oil rebound, Goldman says

Global oil markets will swing from surplus to deficit in the first half of 2017 as OPEC and other producers follow through on an agreement to cut supply, according to the International Energy Agency. Oil stockpiles will decline by about 600,000 bpd in the next six months as curbs by OPEC and its partners take effect, said the agency, which had previously assumed inventories wouldn’t drop until the end of 2017. Russia, the biggest producer outside OPEC to join the deal, will gradually implement the full reduction it promised, according to the IEA.

OPEC deal to create oil-supply deficit in first-half 2017, IEA says

Qatar Petroleum (QP) is to integrate the activities of RasGas and Qatargas operating companies under a single entity, Qatargas, which will operate all of the ventures being operated by both entities. Saad Sherida Al-Kaabi, president and CEO of QP, made the announcement at the company's headquarters in the presence of representatives of the main international shareholders in both companies including Exxon Mobil, Total, ConocoPhillips, and Shell, and the CEOs of Qatargas and RasGas.

Qatar Petroleum to integrate Qatargas, RasGas into single entity

OPEC has two possible mechanisms for stabilizing the market. It can fix the price at which its members sell their oil, letting supply fluctuate, or it can fix the volume sold, letting the price settle where it will. It cannot set both at the same time.OPEC has tried both; neither has worked for any length of time.

OPEC Doomed to Repeat History - Bloomberg Gadfly