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The Organization of the Petroleum Exporting Countries and its allies, collectively known as OPEC+, are expected to extend their current production cuts this weekend, as per delegates and analysts. What Happened: The OPEC+ alliance, which was scheduled to meet in person in Vienna on Jun. 1, has now moved the meeting to a virtual platform on Jun. 2. The group is currently implementing a combined 5.86 million barrels per day of supply cuts, with 2 million barrels per day set to expire at the end of this year, as per a CNBC report on Tuesday. Market participants are closely watching whether the remaining 2.2 million barrels per day of cuts, which are in place until the end of the second quarter, will be extended. This is in light of projected demand increases, particularly in the summer months. Three OPEC+ delegates, speaking on the condition of anonymity, told CNBC that the 2.2 million-barrels-per-day supply reductions are likely to be prolonged. The group is also monitoring individual members’ quota compliance and has requested overproducers to implement additional cuts, with Iraq and Kazakhstan having detailed compensation plans. The OPEC+ coalition’s decision ...Full story available on Benzinga.com

Related tickers: IEO, OIH, UCO, USO, VDE, XES.

U.S. oil production is at record levels, as data from the Energy Information Administration puts 2023 production of crude oil on its way to break pre-pandemic records. The U.S. has been the top world producer of crude oil since the mid-2010s, a fact that has gone under the radar for much of the public. The latest data, from September, show a daily production of 13.2 million barrels a day, beating the previous record set in November 2019 of 13 million barrels. The global oil market entered bear territory last week, even as OPEC+ nations agreed on new oil cuts. U.S. record oil production is helping push the needle towards declining prices as stockpiles in the U.S. beat market expectations.   On Monday, the national average price for regular gasoline was $3.15 per gallon. This average peaked at $4.84 per gallon in June 2022 during a period of extremely high inflation and dipped to as low as $2.97 in December 2022. According to Axios, the Biden administration walks a thin line ...Full story available on Benzinga.com

Related tickers: DBO, UCO, USO, COP, DVN, XOM, SHEL.