Followers | 689 |
Posts | 143817 |
Boards Moderated | 35 |
Alias Born | 03/10/2004 |
Wednesday, January 06, 2021 8:09:26 AM
By: TheStreet | January 5, 2021
• Oil-industry stocks climb in response to a surprise Saudi output cut.
Oil prices and related stocks were climbing Tuesday after Saudi Arabia said it would cut output by an extra 1 million barrels a day from next month, while most of the OPEC+ alliance agreed to hold output steady,
The move had oil-industry stocks rising. Marathon Oil (MRO) at last check was up 11%, Apache (APA) was rising 12%, and Occidental Petroleum (OXY) also was up 12%.
The OPEC+ agreement will see the alliance cut 7.125 million barrels a day in February and 7.05 million barrels a day in March, Bloomberg reported, citing a draft communique.
The kingdom will make an extra cut of 1 million barrels a day, said Saudi Energy Minister Prince Abdulaziz bin Salman.
That more than offsets the combined 75,000 barrel-a-day increase Russia and Kazakhstan will be allowed to make in each of those months, Bloomberg reported. The rest of the group will hold output steady.
After two days of talks OPEC+ reached an agreement to curb supply over the next two months, with Saudi Arabia carrying much of the extra burden of the cuts.
Saudi Arabia’s unilateral cut is “a groundbreaking statement that shows the oil giant is not only ready to bite the bullet and keep taps tight, but it also recognizes the short-term demand risk and is ready to protect its export prices by tightening supply,” Bjornar Tonhaugen, head of oil markets at Rystad Energy, told Bloomberg.
In the U.S., crude inventories are expected to fall this week following three straight weeks of declines, according to a Bloomberg survey. The industry-funded American Petroleum Institute reports its figures later Tuesday ahead of U.S. government data on Wednesday.
Read Full Story »»»
DiscoverGold
Information posted to this board is not meant to suggest any specific action, but to point out the technical signs that can help our readers make their own specific decisions. Caveat emptor!
• DiscoverGold
North Bay Resources Commences Operations at Bishop Gold Mill, Inyo County, California; Engages Sabean Group Management Consulting • NBRI • Sep 25, 2024 9:15 AM
CEO David B. Dorwart Anticipates a Bright Future at Good Gaming Inc. Through His Most Recent Shareholder Update • GMER • Sep 25, 2024 8:30 AM
Cannabix Technologies and Omega Laboratories Inc. Advance Marijuana Breathalyzer Technology - Dr. Bruce Goldberger to Present at Society of Forensic Toxicologists Conference • BLOZF • Sep 24, 2024 8:50 AM
Integrated Ventures, Inc Announces Strategic Partnership For GLP-1 (Semaglutide) Procurement Through MedWell USA, LLC. • INTV • Sep 24, 2024 8:45 AM
Avant Technologies Accelerates Creation of AI-Powered Platform to Revolutionize Patient Care • AVAI • Sep 24, 2024 8:00 AM
VHAI - Vocodia Partners with Leading Political Super PACs to Revolutionize Fundraising Efforts • VHAI • Sep 19, 2024 11:48 AM