Macro
Search catalysts, news stories, and pressures, or browse the trust-weighted news feed below.
month values ▾
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|
| -0.55 | -0.45 | +0.09 | +0.05 | +0.15 | +0.20 | +0.25 | +0.30 | +0.35 | +0.40 | +0.26 | +0.50 |
The year opened at rock bottom near $11, but OPEC's March output cuts ignited a rally that more than doubled crude to over $25 by December, transforming producer fortunes from crisis to recovery.
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OPEC has approved a 1.7 million barrel-per-day production cut starting April 1, aiming to raise oil prices amid a prolonged market slump. The move, supported by non-OPEC producers like Russia and Mexico, targets a global cut of 2.1 million bpd, with potential price increases to $18/barrel by year-end if compliance holds. Market recovery hinges on enforcement, as past overproduction undermined previous agreements.
The FTC approved Exxon's $81 billion acquisition of Mobil, creating the world's largest oil company, contingent on divesting 2,431 gas stations and key refining assets. The merger reduces competition, prompting state opposition and stricter scrutiny on subsequent deals like BP Amoco's ARCO acquisition. Market implications include heightened regulatory barriers for consolidation and potential shifts in regional fuel pricing and competition.