1. OPEC Lambasts Anti-Oil Sentiment, Warns of Underinvestment
- OPEC+ compliance with its collective targets keeps on worsening with the 19 members underperforming by 2.6 million b/d, just as the oil alliance prepares for its June 3-4 meeting.
- Meanwhile, OPEC+ production has edged lower to 42 million b/d as production shut-ins in Iraqi Kurdistan, industrial action at Nigerian loading terminals, and slightly lower Russian output weighed on supply.
- Simultaneously, OPEC has voiced its dissatisfaction with the IEA’s discouraging investment in the oil industry, saying these misguided narratives will only imperil economic growth and sustainable development.
- According to OPEC, the global oil industry still needs some 1.6 trillion of new investment downstream, arguing that the lack of refinery investment in OECD countries will result in further supply tightness.
2. Oil Majors Face Tough Choices Ahead Of Shareholder Meetings
- With the windfall profits of oil majors remaining firmly in the public eye, most Western majors are facing troublesome annual shareholder meetings over the next two weeks, trying to fend off pressure from environmentalists.
- The annual meeting of Shell (LON:SHEL) was already disrupted last year and the 2023 version might turn even more acrimonious as the company reviews its pledge to reduce oil output by 1%-2% per year by 2030.
- ExxonMobil poured some cold water on ESG expectations, saying…