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OPEC Hands Shale a Victory, But Cracks Remain

Friday, October 7 2016

In the latest edition of the Numbers Report, we’ll take a look at some of the most interesting figures put out this week in the energy sector. Each week we’ll dig into some data and provide a bit of explanation on what drives the numbers.

Let’s take a look.

1. OPEC’s gift to the oil industry

(Click to enlarge)

- OPEC’s decision to cut its collective production by somewhere between 200,000 and 700,000 barrels per day caused oil prices to spike by 6 percent.
- That led to huge gains for the energy industry. The combined market cap of the 10 largest U.S. oil and gas companies surged by $36 billion on the day the OPEC deal was announced.
- ExxonMobil (NYSE: XOM) alone saw its value rise by $15 billion.
- Notice in Bloomberg’s chart that Valero (NYSE: VLO) did not gain on the news. The downstream sector is not exactly enthusiastic about higher oil prices, which could eat into their margins.

2. Nigeria could spoil OPEC’s party

(Click to enlarge)

- Nigeria was exempted from OPEC’s production limits due to the huge losses to its oil sector this year from militant attacks.
- Nigeria’s oil production dropped by about 800,000 barrels per day between late 2015 and this past summer, falling to a 22-year low of about 1.4 million barrels per day.
- But the frequency of attacks has slowed as the Niger Delta Avengers have remained mostly…

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