The decision of the OPEC meeting in Vienna on 27 November to hold its production quotas at 30.0 mbpd was a victory for Saudi Arabia and its Gulf allies with sizeable fiscal buffers. It was therefore not popular with OPEC members without such defenses such as Nigeria, Libya and Venezuela.
Not even the specter of a spillover of Islamic extremism from Somalia can dampen the atmosphere in Kenya, where commercial oil production is expected to begin in 2016 and discovery after discovery has made this the hottest and fastest-paced hydrocarbon scene on the continent.
The demand for oil in 2015 will drop to its lowest level since 2002 because of an oversupply of crude and stagnant economies in China and Europe, according to OPEC's latest forecast. And that's just one of several sour estimates.