US DRILLING RIG COUNT DOWN 18 LAST WEEK. Down 40 in Canada. US down 45 last 2 weeks .... Avg. US "stripper" well produces under 2 bls/d. Over 400K of them supply ~11% of US production. 700Kb/d in '12. Now some plan to idle .... US shale drilling costs falling about as fast as oil prices: Goldman Sachs. Producers moving rigs to lower cost fields .... Marathon to cut capex 20% in '15. But expects 5-10% rise in production .... OPEC (sans Iran) to earn ~$700B from oil exports in '14, down 13% from '13. Lowest since '10 .... Iran found new large NG reserve .... Consortium plans 50% production increase from Iraq's Rumalia field to 2.1Mb/d by '20 .... Schlumberger to drill Statoil N Sea heavy oil field discovered in '80's. Expecting 55Kb/d .... Statoil investing $610M to develop another N Sea discovery .... Norway oil production 1.46Mb/d, down 5% on year .... EU banned investment in Crimea, Russia oil/gas exploration in Black Sea, cruise ship docking in Crimea .... BASF called off asset swap with Gazprom .... Repsol bought Talisman for $8.3B .... Chevron shelved Ukraine shale gas project .... India imported avg. 4.27Mb/d in Nov, up 17.3% yoy .... Woodside (Australia) to pay Apache $2.75B for stakes in 2 LNG export projects. Delayed approval for its own $35B LNG development .... Nigeria oil workers strike suspended .... Eni 1B boe discovery off Congo coast .... Canada oil production up 5.6% in '14. EIA est. 4.47Mb/d in '15 .... 14 new Canada oil sands projects scheduled to start in '15. 266Kb/d. 36% more project starts than '14 .... Husky to cut capex 33% in '15 .... US utilities forecast to end '14 with lowest coal stockpiles since '05. Railroads clogged up from oil, grains.