Oil prices tumble to their lowest level since December 2021 on global growth worries.
Brent crude dropped <$70/bbl after the Saudi-led OPEC cut its growth projections for the world's appetite for oil. Source: HolgerZ, Bloomberg
Crude Oil closed below $70 a barrel today for the first time since last December and is now down 3% on the year.
Source: Charlie Bilello
Oil market warnings grow as OPEC+ decision nears
Source : Bloomberg
Crude Oil falls to lowest price since January
Source: Barchart
Another shocking chart: oil in gold terms at 40 year low
Source: www.zerohedge.com, Bloomberg
2 key takeaways from saudi budget data in the 1st half of 2024
1. Saudi needs oil at $95 to balance its budget. 2. Adding domestic investments by the sovereign wealth fund, the figure rises to $112. If Oil price stays at this level ($77), deficits are likely to persist. Source: Bloomberg, @ZiadMDaoud on X
BREAKING: US crude oil production has officially hit a record 13.4 million barrels per day.
Daily oil production has increased by 22% over the last 4 years. Since 2008, production has skyrocketed 350% from ~3.8 million barrels per day. The US is now the world’s largest oil producer exceeding Russia's output by ~35% and Saudi Arabia by ~38%. The US is dominating global oil production. Source: The Kobeissi Letter, The Daily Shot
In case you missed it...
Crude Oil has fallen to its lowest price since early February. Source: Barchart
