OPEC+ Weighs Major Oil Supply Boost as ExxonMobil Posts Strong Earnings
OPEC+ nations are contemplating a significant oil supply increase, putting pressure on the stock market today. Meanwhile, ExxonMobil has reported impressive earnings and free cash flow, but faces challenges with job cuts and a volatile stock market.
OPEC+ countries are considering a supply hike of 500,000 barrels per day starting next month, which could further increase global supplies and potentially drive down prices. This news comes as November WTI crude and Brent have both dipped, with WTI hitting a four-month low and Brent trading below $66 per barrel.
As OPEC+ considers a supply hike, oil prices may continue to fluctuate, impacting energy companies like ExxonMobil. Despite strong earnings and free cash flow, ExxonMobil faces challenges with job cuts and a volatile stock market. However, the company's dividend and recent natural gas discovery in Cyprus offer positive signs for investors.
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