Shares of several oil & gas companies are trading lower following an OPEC+ meeting in which members said they would start phasing out voluntary production cuts in October.
Portfolio Pulse from Benzinga Newsdesk
Shares of several oil & gas companies are trading lower following an OPEC+ meeting in which members announced they would start phasing out voluntary production cuts in October.
June 03, 2024 | 6:08 pm
News sentiment analysis
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NEGATIVE IMPACT
BP shares are trading lower following OPEC+'s announcement to phase out voluntary production cuts starting in October.
The increase in oil supply due to the phasing out of production cuts by OPEC+ could lead to lower oil prices, negatively affecting BP's stock price.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
ConocoPhillips shares are trading lower following OPEC+'s announcement to phase out voluntary production cuts starting in October.
The phasing out of production cuts by OPEC+ is expected to increase oil supply, potentially leading to lower oil prices, which negatively impacts ConocoPhillips' stock price.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
Chevron shares are trading lower following OPEC+'s announcement to phase out voluntary production cuts starting in October.
The increase in oil supply due to the phasing out of production cuts by OPEC+ could lead to lower oil prices, negatively affecting Chevron's stock price.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
Occidental Petroleum shares are trading lower following OPEC+'s announcement to phase out voluntary production cuts starting in October.
The phasing out of production cuts by OPEC+ is likely to increase oil supply, potentially leading to lower oil prices, which negatively impacts Occidental Petroleum's stock price.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
Exxon Mobil shares are trading lower following OPEC+'s announcement to phase out voluntary production cuts starting in October.
The phasing out of production cuts by OPEC+ is likely to increase oil supply, potentially leading to lower oil prices, which negatively impacts Exxon Mobil's stock price.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80