Mid-Week Review – November 4, 2020

Forget Fracking, Oil Stocks Will Likely Move More On These Factors Post-Election

Whoever wins the presidential election will help shape the U.S. energy industry long term, but the victory will have less impact on oil stocks in the near term as weak demand during the coronavirus pandemic weighs on oil prices. Click here to read more from Investor’s Business Daily.

Venezuela’s Oil Industry Is On Its Last Legs

Oil production since the start of 2020 has fallen catastrophically to multi-decade lows, the extremely fragile economy continues to contract and poorly maintained infrastructure keeps failing. Washington is turning the screws on Maduro’s regime, imposing ever tighter sanctions aimed at isolating Caracas from economically crucial global energy and financial markets. Click here to read more from Oilprice.com.

Oil Giant Aramco Keeps Dividend Despite 45% Slump in Profit

Saudi Aramco left its third-quarter dividend unchanged at $18.75 billion even as it failed to generate enough cash to cover the payout and reported a 45% drop in profit. Click here to read more from Bloomberg.

Iraq Boosted Oil Exports In October Despite OPEC+ Quota

Last month’s reports emerged that Iraq was one of three countries likely to oppose a proposal by Saudi Arabia and Russia to roll over the 7.7-million-bpd production cuts instead of relaxing them by 2 million bpd from January in light of the current oil price situation and the outlook. Iraq, however, was quick to deny the information: oil minister Ihsan Abdul Jabbar Ismaael said Baghdad will back any decision OPEC and its partners make on oil production. Click here to read more from Oilprice.com.

 

Market Condition Report - Disclaimer
The information contained herein is derived from sources believed to be reliable; however, this information is not guaranteed as to its accuracy or completeness. Furthermore, no responsibility is assumed for use of this material and no express or implied warranties or guarantees are made. This material and any view or comment expressed herein are provided for informational purposes only and should not be construed in any way as an inducement or recommendation to buy or sell products, commodity futures or options contracts.

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