• 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
  • 1 day GREEN NEW DEAL = BLIZZARD OF LIES
  • 31 mins U.S. Presidential Elections Status - Electoral Votes
  • 16 hours China Producing Half of the Worlds Electrical Vehicle Batteries is Experiencing Explosive Pollution
  • 6 hours Withdrawl of American troops from Iraq and its direct impact on crude oil supply
  • 32 mins Severe Drought in the West Will Greatly Reduce Electrical Production from Hydroelectric Turbines.
Editorial Dept

Editorial Dept

More Info

Premium Content

The OPEC Conundrum

Tesla may have just crushed the oil industry’s hopes of a decent quarter. 

It’s earnings season, and all eyes are on the state of the North American oil industry, so it doesn’t help that Tesla just blew away analyst estimates on its own earnings, reporting $1.86 per share against expectations of a $0.42 loss. More than two-thirds of all US oil is used in the transportation sector, so if Tesla is crushing it, the oil and gas industry is not. It means more demand is going to EVs and less to oil and gas. Other earnings to look out for are metals producers, which are another bellwether for oil demand due to their high energy consumption. 

The OPEC Conundrum: Lower Prices or Lower Market Share?

With too much oil on the market, and projections of slowing demand growth, Saudi Arabia is in a difficult position. All eyes will be on OPEC’s upcoming monitoring committee meeting next month, where they will assess compliance to the production cut agreement. 

Nigeria, Iraq, and Russia will soon find themselves under the microscope for failing to adhere to agreed-upon production quotas. 

OPEC is under immense pressure to act aggressively to manipulate global oil inventories and keep prices stable, and the outcome of November’s meeting will reflect that pressure. 

The meeting will not result in any actionable change in quotas, rather it will assess compliance and make recommendations to the entire group…





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