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How Texas oil companies complicate OPEC's planned production cuts
With oil prices at their lowest level of the year, OPEC+ is again struggling with when to begin increasing crude production, announcing Thursday it was delaying plans to begin unwinding previous supply cuts by two months. Complicating the decision-making process is the degree to which OPEC+ members such as United Arab Emirates, Iraq and Kazakhstan are now reliant on investment from foreign oil companies like Texas-based Exxon Mobil and Chevron, along with European majors BP and Total. Foreign investment in Middle East oil production has increased more than 50% to $62 billion over the past five years, increasing ... (full story)
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- Posted: Sep 8, 2024 11:35pm
- Submitted by:Category: Fundamental AnalysisComments: 0 / Views: 210
