• 3 minutes Tesla is the Most American Made Car!
  • 7 minutes Should the US government be on the hook for $15 billion?
  • 9 minutes California breaks 1 GW energy storage milestone
  • 2 mins U.S. Presidential Elections Status - Electoral Votes
  • 25 mins GREEN NEW DEAL = BLIZZARD OF LIES
  • 7 hours Severe Drought in the West Will Greatly Reduce Electrical Production from Hydroelectric Turbines.
  • 6 hours The Climate Scare Stories Began With Far Left Ideology Per GreenPeace Co-Founder
  • 2 days Сryptocurrency predictions
  • 1 day NordStream2
  • 2 days Beware the Left's 'Degrowth' Movement (i.e. why Covid-19 is Good)
Venezuela’s Oil Production Plans Are Entirely Unrealistic

Venezuela’s Oil Production Plans Are Entirely Unrealistic

Venezuela recently unveiled an ambitious…

The Hydrogen Hype Is Real, But Is It Justified?

The Hydrogen Hype Is Real, But Is It Justified?

Hydrogen is quickly gaining ground…

Why Exxon Is Doubling Down On Guyana’s Offshore Oil Boom

Why Exxon Is Doubling Down On Guyana’s Offshore Oil Boom

ExxonMobil is investing heavily in…

Editorial Dept

Editorial Dept

More Info

Premium Content

Bullish Sentiment Is Back In Oil Markets

Hedge funds are back in buying mood as of last week, with hopes of further OPEC+ production cuts adding optimism to markets. Analyst predictions that U.S. shale growth will start to slow down next year has also added to this bullish sentiment. But not everyone agrees with those shale claims, Rystad Energy came out with a forecast this week that U.S. shale would keep growing no matter what oil prices do. In the meantime, a real showdown of external forces in Iraq could threaten global oil supplies next year. Oil prices dipped Friday morning in the absence of an official deal from OPEC, but bullish optimism is undoubtedly still there.

OPEC Seals Deal, but Internal Fighting Among Members Persists

While an official announcement has yet to be made, OPEC has reportedly agreed to increase production cuts for OPEC+ after the monitoring committee earlier recommended the production cuts be increased from 1.2 million bpd to 1.7 million bpd. 

But nothing has been finalized yet. Two issues now dog OPEC and its allies: 1) the persistent issue of noncompliant members such as Russia, Iraq, and Nigeria, and 2) how to divvy up the “extra” 500,000 bpd of cuts. 

The second of those issues threatened to derail the talks late on Thursday, with Angolan officials walking away from the negotiating table, unwilling to agree to cut an additional 11,000 bpd. Iraq, too, was reluctant to add to its cuts, which it hasn't complied with yet anyway.  Angola…





Leave a comment

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News