XOM - OPEC To Discuss Deeper Production Cuts To Underpin Volatile Oil Prices | Benzinga
Crude oil prices rose on Monday following reports that the Organization of Petroleum Exporting Countries (OPEC) and its allies will discuss further cuts in output at its upcoming meeting this weekend.
What Happened: OPEC could cut production by an additional 1 million barrels a day over the 5 million b/d reduction already in place, Reuters reports.
Existing curbs have had little impact on steadying oil prices, which have fallen by more than 10% in the past month alone. Since its September peak at around $98 per barrel, Brent crude has fallen by 16%.
It’s been a tough month also for the oil majors. Chevron (NYSE:CVX) has fallen 13.3% in the month since it announced it was to ...