Fry's Brain Not the Only Thing Dropping!
Alright meatbags Leela here reporting live from... well my tiny apartment. Turns out oil prices are lower than Zoidberg's self esteem. U.S. crude futures took a nosedive falling about 2% to settle at $57.13 a barrel – the lowest since back in 2021. I remember 2021! That was the year Fry still thought Crocs were fashionable! Global benchmark Brent crude isn't doing much better either. It's like the whole oil market decided to do the limbo and I think I can do better than it with my one eye!
OPEC+ Goes Full 'Shut Up and Take My Money' (But in Reverse)!
So the usual suspects – OPEC+ led by Saudi Arabia – decided to crank up the oil spigot again. They're boosting production by 411,000 barrels per day in June which is on top of a similar increase in May. It's like they're having a contest to see who can give away oil the fastest. I bet even Momcorp wouldn't be this generous… well unless she's planning something evil as she always does.
Goldman Sachs Gets Bendered!
Goldman Sachs thought OPEC+ would only bump production by 140,000 barrels per day. Turns out they got totally Bendered! That's to say completely wrong. They're now scrambling to adjust their forecasts which is almost as embarrassing as when Zoidberg tries to tell a joke. Almost. They cut their U.S. crude price forecast by $3 to $56 per barrel. Whoop de doo! It's gonna cost me less to fill up the Planet Express ship… barely.
Recession Fears: Worse Than a Space Bee Sting!
President Trump's higher tariffs are scaring everyone silly it seems. They're worried about a recession which would mean less demand for oil. So basically we've got more oil than we know what to do with and no one to buy it. Sounds like a typical Tuesday in New New York. The combination of higher tariffs and OPEC+ flooding the market are creating a volatile situation with high uncertainty.
Oil Companies Crying into Their Gold Plated Spoons!
The big oil companies like Chevron and Exxon reported lower earnings. Boo hoo! Maybe they should try selling more Slurm. Oilfield service firms such as Baker Hughes and SLB are bracing for investment in exploration and production to decline this year. Baker Hughes CEO Lorenzo Simonelli is blaming oversupply rising tariffs uncertainty in Mexico and general weakness in Saudi Arabia. And I'm blaming the fact that my rent is still due on the first of the month!
What Does This Mean for Us Meatbags?
Well hopefully cheaper gas! Although knowing our luck Bender will probably find a way to rig the system so he gets all the savings. Maybe I can finally afford that new eye I've been wanting… or at least a decent pizza. But for the moment let's just enjoy the ride and hope this whole thing doesn't blow up in our faces. After all as Fry always says 'I'm walking on sunshine!'...right before he trips over something.
oil prices OPEC+ production increase crude oil market Goldman Sachs recession tariffs Baker Hughes investment
Comments
From Turanga Leela
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sephiroth
I wonder if Momcorp is behind all of this.
delbat
I'm investing in wind power. Fossil fuels are the past.
Streety
OPEC+ is playing a dangerous game here.
somecowgirl
Finally, gas prices might be something I can afford on my salary.
margaretguzy
Cheaper gas means more road trips!
tyler25
Does this mean Blernsball tickets will be cheaper?
Btastie
Is this the end of oil as we know it?