This has been a very surprising and great week for the oil industry.
The OPEC+ members – Organization of the Petroleum Exporting Countries and their Russia-led allies – held their meeting this week and decided not to increase oil production in April. As a result, oil prices and share prices of all major oil companies soared this week ending on 5 March 2021.
The price of Brent crude oil surged to $69.36 per barrel while the WTI crude oil closed higher also at $66.28 this week.
STOCK PRICES OF MAJOR OIL COMPANIES
All oil major companies saw huge gains in their stock prices this week.
Here are their closing prices and the weekly changes.
CHEVRON – $109.00 up 9%
EXXONMOBIL – $60.93 up 12.1%
CONOCOPHILLIPS – $58.34 up 12.2%
BP – $26.77 up 9.7%
ROYAL DUTCH SHELL – 18.13 EUR up 7.3%
TOTAL – 40.97 EUR up 6.7%
ENI – 10.06 EUR up 6.1%
The weekly US rig count increased to 403. The oil companies in the US added one rig last week, according to Baker Hughes Rig Counts.
The total global rig count continues its monthly gain. It increased by 87 rigs in the month of February 2021 to 1270. The total global rig count in January was 1183.
This weekly report is adapted by LDI Training from various sources of information.
March 6, 2021