Apart from OPEC’s ~ 10m BPD cut in April 2020 at the start of the CV-19 pandemic, OPEC cut production by 2.2m bpd back in Dec 2008. At the time, it was the largest ever cut announced by the organisation.
Crude had hit a high that year of more than $140/barrel in July 2008 but had fallen by more than $100 to December 2008 as GFC impacts escalated.
https://money.cnn.com/2008/12/17/markets/oil/
After the cut, crude ended the year at $35/barrel, climbing to $44 by the end of January 2009 and then to more than $70 a barrel within 6 months.
Different drivers this time but interesting outcome in the 6 months following OPEC’s intervention in Dec 2008.
Meanwhile, Buffett steadily upping Berkshire’s stake in OXY and China just issued its first batch of crude oil import quotas for 2023, nearly 3 months earlier than usual.
https://www.reuters.com/business/en...3-crude-oil-import-quotas-sources-2022-10-08/
Apart from OPEC’s ~ 10m BPD cut in April 2020 at the start of...
Add MAY (ASX) to my watchlist
 (20min delay)
|
|||||
|
Last
5.3¢ |
Change
-0.002(3.64%) |
Mkt cap ! $178.6M | |||
| Open | High | Low | Value | Volume |
| 5.4¢ | 5.4¢ | 5.2¢ | $215.6K | 4.068M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 10 | 1990394 | 5.2¢ |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| 5.3¢ | 15000 | 1 |
View Market Depth
| Last trade - 16.10pm 10/05/2024 (20 minute delay) ? |
|
|||||
|
Last
5.2¢ |
Change
-0.002 ( 1.89 %) |
||||
| Open | High | Low | Volume | ||
| 5.4¢ | 5.4¢ | 5.2¢ | 1210770 | ||
| Last updated 15.38pm 10/05/2024 ? | |||||
| MAY (ASX) Chart |