OPEC have pledged to stay the course following a meeting at their headquarters in Vienna on Firday — maintaining with a targeted production level of 30 million barrels per day. “The news was, frankly, just as broadly expected — thanks to the reasonably successful fruits of what has been widely described as a strategy to hold on to market share. “There’s no reason for the Saudis to adopt a new strategy when their existing strategy is working,” said Pavel Molchanov, an energy analyst for Raymond James.

“The U.S. oil rig count is down by more than half from a year ago. It’s been an utter collapse in U.S. drilling activity. Of course, U.S. supply is peaking,” said Molchanov. The U.S. Energy Information Administration forecasts that domestic crude oil production will be at 9.2 million barrels per day this year and show no growth next year.” [The Washington Post]

Despite recent fossil fuel divestment, most notably by the Norwegian government, in Canada, this may not prove to be the best method of implementing renewable energy development. “The reason is that, outside of government, it is the traditional oil and gas companies that are constructing much of the green energy projects in the country, such as wind, hydro and solar.

For instance, the largest wind and hydro projects in Alberta are owned in whole or in part by traditional oil, gas and coal companies.” [CBC News]

Boasting the greatest oil and gas reserves apart from Russia, the Iranian government is targeting gas exports as a means of curbing the damage of Western sanctions before the nuclear deal is signed. “This rather obvious point is not lost on President Hasan Rouhani, who has wasted little time in repairing relations with the West, with one eye firmly on future oil and gas revenues to help bolster his country’s ailing economy.” [BBC News]