OPEC reached a deal to increase 400k barrels per day to productionOil was down about 2.5% (although

Jul 19, 2021
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OPEC reached a deal to increase 400k barrels per day to production

Oil was down about 2.5% (although the Dow was down 2% on inflation, stagflation, and Delta variant concerns) and oil company stocks more than that. Natural gas was up less than a percent.

However, projections have it that demand will want 1m or more barrels more per day next year, assuming no more lockdowns.

US producers could surge new production and crash the market. But no one wants to invest in new exploration. Most companies are hedged at a $50 range.

#petroleum #OPEC #Energy
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<div><b>OPEC reached a deal to increase 400k barrels per day to production</b></div><div><br></div><div>Oil was down about 2.5% (although the Dow was down 2% on inflation, stagflation, and Delta variant concerns) and oil company stocks more than that. Natural gas was up less than a percent.</div><div><br></div><div>However, projections have it that demand will want 1m or more barrels more per day next year, assuming no more lockdowns.</div><div><br></div><div>US producers could surge new production and crash the market. But no one wants to invest in new exploration. Most companies are hedged at a $50 range.</div><div><br></div><div><a href="http://landandseajournal.com/post/hashtag/petroleum"><a href="http://landandseajournal.com/post/hashtag/petroleum">#petroleum</a></a> <a href="http://landandseajournal.com/post/hashtag/OPEC"><a href="http://landandseajournal.com/post/hashtag/OPEC">#OPEC</a></a> <a href="http://landandseajournal.com/post/hashtag/Energy"><a href="http://landandseajournal.com/post/hashtag/Energy">#Energy</a></a><br></div>
OPEC reached a deal to increase 400k barrels per day to production

Oil was down about 2.5% (although the Dow was down 2% on inflation, stagflation, and Delta variant concerns) and oil company stocks more than that. Natural gas was up less than a percent.

However, projections have it that demand will want 1m or more barrels more per day next year, assuming no more lockdowns.

US producers could surge new production and crash the market. But no one wants to invest in new exploration. Most companies are hedged at a $50 range.

#petroleum #OPEC #Energy

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