Saudi Arabia and other OPEC members are reportedly considering production increases of up to 500K BPD. This is according to the Wall Street Journal citing sources. The OPEC+ meeting on December 4.
Crude oil is moving lower on the headline and has traded to a low of $77.01 so far. The low price from last week reached $77.21 before bouncing back above the $80 level.
The cycle low from the 2022 high in March reached $76.23 back on September 26.
The 2021 end of year close was at $75.35. The high reached $129.42 back on March 8.
Read the latest issue of the OGV Energy magazine HERE
Federal Agencies Target ExxonMobil And Chevron Acquisitions
Petrofac supporting National Oil Company of Equatorial Guinea
Nigeria strikes deal with Shell to supply $3.8 bln methanol project
Venezuela oil sector hit by loss of its widest US license