Join today and have your say! It’s FREE!

Become a member today, It's free!

We will not release or resell your information to third parties without your permission.
Please Try Again
{{ error }}
By providing my email, I consent to receiving investment related electronic messages from Stockhouse.

or

Sign In

Please Try Again
{{ error }}
Password Hint : {{passwordHint}}
Forgot Password?

or

Please Try Again {{ error }}

Send my password

SUCCESS
An email was sent with password retrieval instructions. Please go to the link in the email message to retrieve your password.

Become a member today, It's free!

We will not release or resell your information to third parties without your permission.
Quote  |  Bullboard  |  News  |  Opinion  |  Profile  |  Peers  |  Filings  |  Financials  |  Options  |  Price History  |  Ratios  |  Ownership  |  Insiders  |  Valuation

Athabasca Oil Corp T.ATH

Alternate Symbol(s):  ATHOF

Athabasca Oil Corporation (AOC) is a Canadian energy company with a focused strategy on the development of thermal and light oil assets. AOC’s segments include Light Oil and Thermal Oil. The Thermal Oil segment includes the Company’s assets, liabilities and operating results for the exploration, development and production of bitumen from sand and carbonate rock formations located in the Athabasca region of Northern Alberta. It also consists of two operating oil sands steam assisted gravity drainage projects and a resource base of exploration areas in the Athabasca region of northeastern Alberta. The Light Oil segment includes its assets, liabilities and operating results for the exploration, development and production of light crude oil and medium crude oil, tight oil and conventional natural gas. Its Light Oil segment consists exclusively of the Duvernay in the Greater Kaybob area with about 155,000 gross acres across Kaybob West, Kaybob North, Kaybob East and Two Creeks.


TSX:ATH - Post by User

Post by Duster340on Apr 02, 2023 11:17pm
318 Views
Post# 35375351

This is not good

This is not goodfor geting inflation under control, bad for the rest of the market. opec greed. joe will not be happy about this.

Investing.com-- Oil prices shot up in early Asian trade on Monday after the OPEC+ unexpectedly cut production further to stabilize markets hit by fears of slowing economic growth and a potential banking crisis.

Brent oil futures jumped 6.2% or $5 to $84.19 a barrel, their strongest level in nearly a month, while West Texas Intermediate crude futures rose 6.3% or $4.8 to $80.45 a barrel, and were trading close to levels seen in late- January by 20:01 ET (00:01 GMT). Both contracts have now reversed the steep losses seen through March. 

The Organization of Petroleum Exporting Countries and allies, known as OPEC+, said on Sunday it will cut production by about 1.16 million barrels per day (bpd), ducking prior expectations that the cartel will maintain output.

The cut now brings total production cuts by members of  the cartel to 3.66 million bpd, which includes a 2 million bpd cut by the OPEC in October, as well as a 500,000 bpd cut promised by Russia. 

Saudi Arabia, which leads OPEC, accounts for the largest portion of the latest cut, at 500,000 bpd, followed by a 211,000 bpd cut by Iraq and a 144,000 bpd cut by the United Arab Emirates.

The move, which was unexpectedly announced on Sunday, comes ahead of a virtual meeting of the Joint Ministerial Monitoring Committee of the OPEC on Monday, which media reports had suggested was likely to result in production being kept steady.

Still, the OPEC’s moves come as oil prices crashed to 15-month lows in March after the collapse of several U.S. banks drummed up concerns over slowing economic growth and weakening crude demand.

Some OPEC members had vowed to intervene and “stabilize” crude markets in the wake of the crash. 

Investment bank Goldman Sachs (NYSE:GS) hiked its price forecasts for Brent by $5 to $95 a barrel by December 2023, following the OPEC+ cut.

The Biden Administration said that the OPEC cuts were not advisable, and that it will continue to target bringing down gasoline prices for consumers. The White House had released over 100 million barrels of crude from the Strategic Petroleum Reserve through 2022 to this end.

<< Previous
Bullboard Posts
Next >>