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Enerplus Corporation is a Canada-based independent oil and gas exploration and production company. The Company is focused on the development of North American oil and natural gas assets. Its portfolio includes light oil assets in the Bakken, North Dakota, and a position in the Marcellus natural gas shale region in northeast Pennsylvania. The Company's operations are concentrated in the core of... see more

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Enerplus Corp > OPEC Boost Falls Short Of Filling Gap

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Post by geezer21 on Jun 02, 2022 10:12am

OPEC Boost Falls Short Of Filling Gap

https://www.marketwatch.com/story/opec-agrees-to-boost-output-by-648000-barrels-a-day-in-july-and-august-2022-06-02?mod=mw_latestnews

OPEC+ agrees to boost output by 648,000 barrels a day in July and August

Published: June 2, 2022 at 9:54 a.m. ET

William Watts

The Organization of the Petroleum Exporting Countries and its allies agreed Thursday to boost production in July and August by 648,000 barrels a day. That exceeds the 432,000 barrel-a-day monthly increases the group has been approving in keeping with its agreement last year to unwind production cuts put in place after the onset of the COVID-19 pandemic in 2020. The move comes as Russian oil production is expected to fall sharply in response to sanctions targeting the country's energy exports, but is seen falling short of making up the gap. Oil futures moved higher following the announcement, with West Texas Intermediate crude for July delivery CL.1, +0.63% CLN22, +0.63%, the U.S. benchmark, up 94 cents, or 0.8%, at $116.20 a barrel on the New York Mercantile Exchange. August Brent crude BRN00, +0.49%, the global benchmark was up 0.7% at $117.10 a barrel on ICE Futures Europe.