• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 5 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 4 days The United States produced more crude oil than any nation, at any time.
  • 3 days How Far Have We Really Gotten With Alternative Energy
  • 1 day Bad news for e-cars keeps coming
  • 3 days China deletes leaked stats showing plunging birth rate for 2023
  • 4 days The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
Editorial Dept

Editorial Dept

More Info

Premium Content

OPEC+ Stabilizes Oil Markets

OPEC

1. Deep capex cuts for shale

- A group of 33 U.S. shale companies cut capex to just $5.8 billion combined in the third quarter, according to a new report.

- That was down from $13.9 billion for the same period a year earlier, a 58% decline in spending

- The cut in spending allowed the group to post $2.6 billion in free cash flow for the third quarter, the best collective result ever.

- But the decent result may prove temporary. “[I]nvestors will likely see little reason to cheer in last quarter’s results. Shale wells quickly decline after an initial gush, so shale-focused companies must continually drill new wells to maintain production,” the authors of the report wrote. “The steep capex cuts over the last two quarters foretell dwindling oi land gas output in the future – suggesting that the U.S. shale sector has stopped investing in its own growth.”

2. China’s copper spending spree slows

- China’s November customs data shows a dip in imports for commodities, including copper.

- China imported 561,000 tons of copper last month, up 17% from year-ago levels, but down 9% from October.

- It was actually the second consecutive month of declining import volumes, and the lowest volume of copper imports since May. This is likely due to a sharp increase in prices, according to Commerzbank.

- As a result of the dip in imports, copper prices were sluggish this week.

3. OPEC+ agreement stabilized the market

-…





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