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Market concerns are being triggered by the poor implementation of production cuts. OPEC+ urges member countries to make up for quota cheating.
In the effort to support the global oil market, OPEC+ is pushing member countries to make up for cheating on supply quotas. However, there is little indication that they are changing.
Investors Met With Slowing Returns on Capital At Shell (LON:SHEL)
Shell (SHEL) Hits Pause on Major Biofuels Plant in Europe
Saudi Arabia's non-oil PMI index in June hit a new two-year low, while the UAE hit a new 16-month low.
1. In Saudi Arabia, the non-oil private sector PMI index fell to 55.0 in June, the lowest level since January 2022; 2. In the UAE, the growth of non-oil private sector has slowed to a 16-month low.
TD Cowen raised the target price for Shell.
TD Cowen has raised Shell's target price from $81 to $85 on July 4th.
Energy & Utilities Roundup: Market Talk
The latest Market Talks covering Energy and Utilities. Published exclusively on Dow Jones Newswires at 4:20 ET, 12:20 ET and 16:50 ET. 0112 GMT - AGL Energy should continue to benefit from higher pow