Why Exxon Mobil Stock Is Rising
Portfolio Pulse from Henry Khederian
Exxon Mobil Corp's shares are trading higher after OPEC maintained its growth forecasts and predicted a supply shortfall. This is mainly due to Saudi Arabia's extension of production cuts. OPEC's forecasts indicate a sharp drop in world oil inventories, potentially the largest since 2007.
September 12, 2023 | 6:52 pm
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Exxon Mobil Corp's shares are trading higher due to OPEC's maintained growth forecasts and predicted supply shortfall. This is expected to impact the company's stock positively in the short term.
The rise in Exxon Mobil Corp's shares is directly linked to OPEC's maintained growth forecasts and predicted supply shortfall. This is mainly due to Saudi Arabia's extension of production cuts, which is expected to lead to a sharp drop in world oil inventories. As a result, the demand for Exxon Mobil's products may increase, positively impacting its stock price.
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IMPORTANCE 80
RELEVANCE 100