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OPEC+ Likely To Extend Production Cuts Amid Rising Summer Demand: ReportThe Organization of the Petroleum Exporting Countries and its allies, collectively known as OPEC+, are expected to extend their current production cuts this weekend, as per delegates and analysts. What Happened: The OPEC+ alliance, which was scheduled to meet in person in Vienna on Jun. 1, has now moved the meeting to a virtual platform on Jun. 2. The group is currently implementing a combined 5.86 million barrels per day of supply cuts, with 2 million barrels per day set to expire at the end of this year, as per a CNBC report on Tuesday. Market participants are closely watching whether the remaining 2.2 million barrels per day of cuts, which are in place until the end of the second quarter, will be extended. This is in light of projected demand increases, particularly in the summer months. Three OPEC+ delegates, speaking on the condition of anonymity, told CNBC that the 2.2 million-barrels-per-day supply reductions are likely to be prolonged. The group is also monitoring individual members’ quota compliance and has requested overproducers to implement additional cuts, with Iraq and Kazakhstan having detailed compensation plans. The OPEC+ coalition’s decision ...Full story available on Benzinga.comBenzinga · May 31, 2024

Crude Conundrum: US Oil Production Hits Record Levels, But Energy Stocks Aren't PumpingU.S. oil production is at record levels, as data from the Energy Information Administration puts 2023 production of crude oil on its way to break pre-pandemic records. The U.S. has been the top world producer of crude oil since the mid-2010s, a fact that has gone under the radar for much of the public. The latest data, from September, show a daily production of 13.2 million barrels a day, beating the previous record set in November 2019 of 13 million barrels. The global oil market entered bear territory last week, even as OPEC+ nations agreed on new oil cuts. U.S. record oil production is helping push the needle towards declining prices as stockpiles in the U.S. beat market expectations. On Monday, the national average price for regular gasoline was $3.15 per gallon. This average peaked at $4.84 per gallon in June 2022 during a period of extremely high inflation and dipped to as low as $2.97 in December 2022. According to Axios, the Biden administration walks a thin line ...Full story available on Benzinga.comBenzinga · Dec 11, 2023

The Fourth Quarter Started Slow, But It May Finish StrongOctober’s numbers did not look good, but November picked up momentum and December may be better, so fourth-quarter GDP may come in better than first feared.Seeking Alpha · Dec 5, 2023

What COP28 Says About Geopolitics, US-UAE Relations And Fate Of The Oil SectorThe launch of COP28 on Thursday is the latest glimpse at the ongoing effort to decarbonize the global economy. Whether its goal is to be a force for good or, as the BBC recently revealed, serve "as an opportunity to strike oil and gas deals" remains unclear. Either way, the so-called “Conference of the Parties” says a lot more than what's coming from its climate talks: it's lending a view into geopolitics, political alliances, power friendships, and the fate of the oil sector. Earlier this month, a report by the UN’s Environment Program warned that the emissions goals set during the landmark Paris Agreement of 2015 are not enough to keep global temperatures under the established limit of 1.5°C (2.7°F) below pre-industrial levels. Current projections put the course of average temperatures at a catastrophic 2.9°C (5.2°F) rise above pre-industrial levels before 2100. The UAE Paradox: The designation of Sultan Al Jaber as president of the climate conference has been a major source of controversy. After all, he is the CEO of the Abu Dhabi National Oil Company, a UAE state-owned oil company that ranks as the 12th largest producer in the world and 14th largest greenhouse gas polluter. The BBC, citing leaked documents, reported this week that the UAE intends to use its role as host as a way to close fuel deals with 15 other nations. The paradox of having an oil baron at the helm of the world's most important summit on climate change, which itself is being held in Dubai, a city built by wealth ...Full story available on Benzinga.comBenzinga · Nov 30, 2023

U.S. Could Soon See 2% InflationHeadline US consumer price inflation fell sharply from a peak of 9.1% year-on-year in June 2022, hitting a low of 3% in June 2023.Seeking Alpha · Nov 10, 2023

Iran's Involvement In Israel-Hamas Conflict Is Key For The Future Of US InflationThe outbreak of war in the Middle East is threatening to hamper the Fed's efforts to control inflation. A Thursday visit from Secretary of State Antony Blinken to Israel was confirmation of unconditional support from the U.S. for Israel in its war against Palestinian terrorist organization Hamas. Israel’s military reported on Thursday afternoon that over 1,200 people, including at least 27 Americans, have been killed by Hamas’ attacks, with around 2,800 individuals injured. In response to these attacks, Israeli counterstrikes in Gaza have resulted in the deaths of approximately 1,537 individuals, according to the Gaza Ministry of Health, CBS News reported. On Thursday morning, International Monetary Fund managing director Kristalina Georgieva expressed concern over how the conflict could affect global oil markets, which are liable to be disrupted by war in the Middle East, where roughly a third of the global oil output is produced. While the specific area where the conflict is located is not a significant oil-producing region, major disruptions in the global oil markets could come if further conflict arises between the U.S. and Iran, a long-time backer of Hamas operations against Israel. Earlier this week the Iranian government denied having any relationship with the Hamas attacks, as Supreme Leader Ayatollah Ali Khamenei said "We defend Palestine, we defend the fights." This denial is contradicted by reports that Iran had a direct role in training Hamas for the latest attack on Israeli civilians, according to The Wall Street Journal. While Congress is preparing a $2-billion aid package for Israel, several prominent U.S. politicians denounced Iran’s participation in the massacre, proposing a double-down on oil sanctions. Yet the already fragile relationship between the U.S. and Iran, the world’s eight largest oil producers, could still have an impact ...Full story available on Benzinga.comBenzinga · Oct 12, 2023

Oil Rallies On Middle East TensionOil has unsurprisingly opened higher this morning after Hamas launched a large attack on Israel over the weekend to which Israel has retaliated.Seeking Alpha · Oct 9, 2023

Pick Your Own Crude Oil Price: Regardless, It's Heading HigherRead more on the latest insights on the oil market: soaring demand, production shortages, and forecasts hinting at possible price corrections above $100.Seeking Alpha · Sep 19, 2023

A Prisoner Exchange With Iran Could Impact The Oil Sector: Here's HowThe U.S. and Iran completed a prisoner swap that could anticipate improving relations between the two nations. The deal, which freed 10 people — five Iranians and five Americans — also unlocked $6 billion in oil funds that the U.S. was holding from the Middle-Eastern nation. Positive U.S.-Iran relations emerged during the post-war years but quickly deteriorated after the Iranian Revolution, which overthrew the last royal dynasty in 1979 and established the current Islamic Republic of Iran. By 1980 the two countries had ceased formal diplomatic relations. The decades that followed were conflict-filled as the U.S. launched a long campaign of military intervention in the Middle East. The last decade was marked by U.S.-led pressure to limit Iran's nuclear weapons program through economic embargoes and sanctions which pressed heavily on the oil industry. Iran's nuclear program: Iran is currently not known to possess any nuclear weapons but is publicly aiming for their development. The construction of uranium enrichment facilities beginning in the early 2000s has been a consistent cause of concern for the West. Since 2015, the U.S. has been involved in efforts to oversee the dismantlement of Iran's nuclear weapons program through an initiative led by President Barack Obama, which leveraged lifting some sanctions in exchange for the deal. President Donald Trump pulled the U.S. from the agreement in 2018 leading Iran to boost its uranium enrichment program and launching the two countries into new military tensions. Iran's involvement in the Ukraine war has also raised concern for NATO powers as the country ...Full story available on Benzinga.comBenzinga · Sep 18, 2023

Opportunity Today Is In Energy, Especially Oil And Gas - Chris DeMuth Jr.Chris DeMuth Jr. talks investing in 2023, the current state of the market and why he likes the energy sector, especially oil and gas.Seeking Alpha · Sep 11, 2023

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