Saturday, November 2, 2024

Round Two: OPEC vs. U.S. Shale

OPEC will meet to decide on further production cuts next week, but will their efforts be ruined by the power of U.S. shale producers? OPEC has been restraining production since the beginning of the year, after a group of cartel members teamed with Russia and other non-OPECs and agreed to production cuts last November. In total, the OPEC group targeted production

WTI Stays near $49 if OPEC Cuts Continue: EnerCom

OPEC’s meeting to decide the future of production cuts is quickly approaching, and many expect that the group will extend their deal through at least the end of this year. The production cuts, when they were first initiated, helped to bring both WTI and Brent crude oils back above $50 per barrel, but prices have struggled to maintain that position

New Oil Projects Brighten North Sea Twilight Years

From Reuters New oil projects over the next two years in the North Sea will have combined capacity to produce 1.2 MMBOPD, offsetting a slide in output from the oldest deepwater basin that produces the world’s benchmark crude. The projects stretch from the West Shetlands to the icy fringes of the Arctic Ocean, Reuters research shows. North Sea crude output

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