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U.S. Shale Could Be The Biggest Winner Of The Latest OPEC Cuts By Julianne Geiger - Jan 14, 2021, 6:00 PM CST
OPEC, and especially OPEC+, has always seemed to be at odds with the U.S. shale industry. From the drastic oil embargos of the ‘70s to the all-out oil price war of 2020, OPEC policies have threatened to upend the United States’ use and production of crude. But the group’s latest policies may be a lifeline for U.S. shale, which is struggling under the weight of the new pandemic world order.
Frenemies at Last
OPEC and the United States were once at bitter odds. In the days of the oil embargo, the situation was sticky and heated. Today, it’s more of a smoldering competition. OPEC and now OPEC+ is trying to hang onto its own market share while maintaining adequate price levels for its members’ oil revenue-dependent budgets. It’s a lot to juggle. US shale, on the other hand, is operating in an every-man-for-himself mode, with less effi
OPEC: Nigeria s Economy Challenged by Inflationary Pressures thisdaylive.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thisdaylive.com Daily Mail and Mail on Sunday newspapers.
OPEC’s crude oil export revenues for 2020 could decline to $323 billion, the U.S. Energy Information Administration said in a new report, noting that this would be the lowest revenue level in 18 years
Oil Video 15.01.21.
Oil Moves Lower As Traders Take Profits After Rally
Yesterday, U.S. President-elect Joe Biden unveiled his stimulus proposal worth $1.9 trillion, and it looks like traders took this announcement as a signal to take some profits after the recent rally.
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Today, riskier assets are under pressure in what can be seen as a classic “sell the news” move. Oil is losing ground together with other riskier assets and is currently trying to settle below the $52 level.
The near-term fundamental outlook for oil remains challenging as European countries are set to keep their lockdown measures for the upcoming weeks. Meanwhile, the start of mass vaccination programs was not as robust as expected.
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