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Crude Oil Surges After OPEC Confirms Delay of Supply Restart
WTI Moves Above $70.00 After OPEC+ Delay in Output Increase, Eyes on US Election
Crude oil prices are in a slump, OPEC+ once again delays the resumption of crude oil supply.
OPEC+ has agreed to delay the December production increase plan by one month, due to fragile economic outlook and ongoing struggles in oil prices, marking the organization's second postponement of supply restoration plans.
OPEC+ Extends Oil Production Cuts Until the End of December
The outlook for oil prices is not good! On the eve of OPEC's production increase, usa oil giants are aggressively expanding production.
In the latest quarter, exxon mobil's oil & gas production increased by 24% year-on-year, chevron's production grew by 7%, while royal dutch shell and united kingdom BP increased by 4% and 2% respectively. According to Macquarie, if OPEC resumes production and with additional supply from Brazil and other places, the price of Brent crude oil may fall below $70.
Earnings Preview: PBR.A to Report Financial Results on November 07
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