Veren Inc T.VRN

For those of you interested in Oil talk

[Moemoney42]

Looks like today's price action is more worried about the short term, than the long term..?

"OPEC+ agreed to extend 3.6 million barrels per day in production cuts through the end of 2025. But Saudi Arabia, Russia and several other countries will gradually phase out a separate round of 2.2 million bpd in cuts over 12 months starting this October."

“It now appears OPEC+ will add volumes to the market beginning in Q4′24 which may create a modest oversupply and downward price pressures,” Wells Fargo analysts led by Roger Read told clients in a note.

But JPMorgan analysts said the decision by OPEC+ Sunday is largely neutral for global oil prices in 2024. The production cuts combined with summer driving should increase Brent prices by $10 to the $90-per-barrel range by September, according to the investment bank.

[rusty777]

Morning MoMoney Not sure we are seeing anything to do with fundamentals here.  You will probably have noticed that the price of crude rises pretty consistently overnight then gets slammed by the North American markets during the day - I thnk what we are seeing are the effects of the various folks who are trying to get re-elected (probably both above and below the border) dumping reserves to

[Citizen13]

People saw the OPEC headline and did not actually read about the whole meeting . They are planning on returning millions of barrels of oil back on to the market by 2025 . The oil market obviously not happy and they are voting with the sell button . 

[MorganEarp]

Citizen13....OPEC likely influenced by the Potato pedo in chief...to help him steal another election, by driving il prices down. I wonder what it is like to shower with your teenage daughter Joe? Like the REAL presidnet said....:"these people are sick."