RIG - Transocean Stock Traded Lower On Monday: What Happened? | Benzinga
Shares of Transocean LTD (NYSE:RIG) traded lower on Monday following an OPEC+ decision to extend deep oil output cuts until 2025.
What To Know: The Organization of the Petroleum Exporting Countries and allies led by Russia, known as OPEC+, aims to address concerns over tepid demand growth, high interest rates and rising U.S. production.
According to Reuters, Brent crude oil prices have remained below budgetary requirements for many OPEC+ members, trading near $80 per barrel. The extension includes maintaining current cuts of 5.86 million barrels per day (bpd), with 3.66 million bpd set to expire at the end of 2024 now extended for an additional year.
Voluntary cuts of 2.2 million bpd are extended until September 2024, ...