Suncor Energy Inc T.SU

OPEC + 2 millions cut

[Marty47]

Total OPEC+ cuts could approach 2 million bpd, depending on the willingness of the countries to contribute, according to delegates, commodity analyst Giovanni Staunovo reported as the JMMC meeting began.

The figure includes a rollover of the Saudi and Russian cuts of a total of 1.3 million bpd.

[MigraineCall]

The announced cuts are voluntary. It is up to each member state to announce their cuts. This is why oil fell 3% so far after the initial announcement. I took profits on all CNQ today as it reached my target on the ride up, the rest didn't, so I'm still holding a heavy basket.

[matt2018]

although there is definetly internal dysfunction within Opec, this is also their way of putting the shale oil producers on notice ..... "go ahead and do what you gotta do". Go all out and deal with the lower prices. They will wait them out.

[Marty47]

Base on what I understand the USA growth will phase out soon , I'm pretty sure they don't want 70$ wti in 2024 , they can keep pumping and give Biden help on re-election and then be crush if he's re-elected 

[matt2018]

USA production is not phasing out production anytime soon.  Its actually growing. Production is 1M bbs/day higher from a year ago. If MBS wanted to crush them he could have announced he's ending the 1M bbl/day voluntary cut at the end of the year and throwing it back in start of 2024. Issue is the Russians need the money for the war & the Saudi's want to keep investing in

[ztransforms173]

- the SHALE PERMIAN BASIN is getting MORE EFFICIENT as the LARGE MAJORS BUYOUT the SMALLER DESIRABLE OPERATORS - they have SOLID-GRANITE FINANCES and HIGH-ORDER ENGINEERING and GEOLOGY LEVEL TEAMS with the LASTEST DRILLING TECHNIQUES   - they are going to PRODUCE MORE LIGHT TIGHT OIL FASTER and CHEAPER with LONGER LATERALS at HIGHER PRESSURES - COP, PXD and XOM are the BIG PROFICIENT

[Marty47]

Y'a these folks have a 45$-50 $ break even , the rest of USA not as good so if oil it 60$ these folks can still make $$$ the rest of usa will slow for sure , it's the cycle again