XOP Stock Recent News

Crude oil prices could jump if supplies are disrupted by conflict in the Middle East, analysts at Citi Research said.

OPEC reduced 2024 demand growth forecast from 2 million bpd to 1.9 million bpd.

The possibly that Saudi Arabia will lift the “floodgates” on its oil production has climbed in recent weeks, fueled by ”deteriorating cohesion” among a group of major oil producers known as OPEC+, according to a report from Capital Economics released Monday.

Crude oil prices fell 2% Monday after the Organization of the Petroleum Exporting Countries (OPEC) reduced its oil demand outlook for 2024 and 2025 once again, citing data received so far this year.

Crude oil continues to see a lot of noise in general, as the market continues to be focused on the global economy, and of course the geopolitical issues that always are a problem.

Traders have been banking on more robust stimulus in China to boost the world's second-largest economy. The market, meanwhile, continues to monitor the Middle East in anticipation of a retaliatory strike by Israel against Iran.

Lack of clarity on China's economic stimulus plans sent oil futures tumbling on Monday, as traders adopted a wait and see approach to the impact of rising tensions in the Middle East.

The Organization of the Petroleum Exporting Countries further trimmed its forecast for oil-demand growth, as it prepares to bring some barrels back into the market despite weaker global prices.

OPEC on Monday cut its forecast for global oil demand growth in 2024 reflecting data received so far this year and also lowered its projection for next year, marking the producer group's third consecutive downward revision.

Russia cut crude oil output in September by 28,000 barrels per day (bpd) to about 9 million bpd, the Organization of the Petroleum Exporting Countries (OPEC) said on Monday, citing data from secondary sources such as consultancies.