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Recent reports show that OPEC+ countries plan to raise production at a robust pace.
The world's largest group of oil producers, OPEC+, is set to make another big increase of 411,000 barrels per day for August as it looks to regain market share, four delegates from the group told Reuters.
Russian President Vladimir Putin said on Friday the OPEC+ group of leading oil producers including Russia projects rising global demand especially in the summer months, in comments suggesting the bloc may continue with large output hikes.
Exxon Mobil CEO Darren Woods said Friday that he expects oil prices to remain lower in the wake of the Iran-Israel airstrikes, as the conflict didn't escalate to a broader disruption to the Middle East.
The crude oil market continues to sit at the previous resistance area, as we are stabilizing during the session on Friday. With this, the markets are likely to calm down a bit, now that the Middle East has calmed down, for the moment at least.
US Energy Secretary Chris Wright talks about the impact of airstrikes against Iran's nuclear facilities, oil sanctions that are still in place and the need for more nuclear power in the US. He is on "Bloomberg Surveillance.
Crude oil holds above the 200-day MA as traders await OPEC's decision and summer demand signals. Inventory draws and China's demand support oil outlook.
Chinese independent refineries have been the major buyers of cheap Iranian crude. China's crude imports from Malaysia increased significantly to levels exceeding Malaysia's production.
WTI crude rebounds to $65.65 after $13 drop but faces resistance near $67. Oil markets await OPEC meeting and U.S.–China trade signals.
Alexis Crow, Chief Economist at PWC U.S. says higher Treasury yields are a "very clear perspective" this year and going into 2026. She also talks about how structural changes in demand could push oil prices back up again.