OPEC has wrapped up with a deal to keep cutting production — the same kind of deal that spurred the wrath of US President Donald Trump last year as it sent oil prices rocketing.

As a result, forecasts for the price of Brent oil — the North Sea oil price and default global benchmark outside the US — are to jump from the current $US62 ($88.68) to $69.50 in the second half of this year, according to market researcher Wood Mackenzie.

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All of which has had exactly zero impact today on oil-focused stocks listed on the ASX, either with operations in the US, Europe or Australia.

That includes Whitebark (ASX:WBE), which is down 20 per cent today after investors pulled back following the exceptionally positive news yesterday that its Wizard Lake project in Canada is delivering 99.5 per cent pure oil to processors, and the oil “cut” has improved to 50 per cent.

An oil cut is the amount of oil coming out of a well. The rest is water.

Moving to Europe for the summer

Mini European explorer ADX Energy (ASX:ADX) is moving to Austria, buying the Zisterdorf and Gaiselberg fields in the Vienna Basin for 4m euros ($6.5m).

The fields are producing at 350 barrels of oil equivalent per day (boepd) which are sold at a small discount to the Brent oil price, and come with 2P (proven and probable) developed reserves of 980,000 boe.

That works out to a purchase price of 11,428 euros per boepd.

ADX has $2.7m in cash in the bank.

The deal comes with data on areas not included in the production licence.

“ADX is in discussion with multiple parties regarding the funding of the transaction either via investment in ADX or investment in the UK special purpose vehicle,” ADX said.

“ADX is very confident of sourcing funding for the acquisition and is prepared to pay a non-refundable deposit [of 10 per cent].”

In neighbouring Italy, Global Petroleum (ASX:GBP) is still fighting for its offshore exploration areas.

The Puglia regional government is appealing a judgement around environmental decrees issued in 2016 and 2017 over four offshore licences.

The company says the licences are outside Italian territorial waters (although the licences were granted by the country) and the appellant has already had costs awarded against them, so Global Petroleum is confident the appeal will go its way.

Earlier this year Italy put a moratorium over all exploration in and around the country for 18 months.

In other ASX energy news:

Global Energy Ventures (ASX:GEV) has signed a deal for its new compressed natural gas (CNG) ship. The buyer is Yantai CIMC Raffles Offshore and the letter of intent is for four CNG carriers and perhaps another four after that, all going well. The cost is $US135m-$140m per ship. The design was only approved in the US in April following a hectic 18 months as GEV switched from a general CNG transporter to a specialist CNG boat builder.

And the ironically-named Environmental Clean Technologies (ASX:ECT) has gone into a trading halt in order to buy waste-to-energy technology in a liquidation fire sale. The technology makes automotive diesel from waste streams, such as construction wood-waste and end-of-life plastics. ECT has a brown coal-to-black coal technology and an iron ore tech, which it’s still hoping to trial in India despite delays with partners NLC India and NMDC, and wants to get into the hydrogen game as well with Japan’s JOGMEC in the La Trobe Valley.