Exxon and Chevron Continue to Increase Production Amidst Dismal Oil Price Forecast
Written by Emily J. Thompson, Senior Investment Analyst
Source: SeekingAlpha
Production Increases by Major Oil Companies: Exxon Mobil and Chevron have raised their oil production in Q3, with Exxon achieving a record of nearly 1.7 million boe/day in the Permian Basin and Chevron reaching 4.1 million bbl/day, despite forecasts of a global supply glut and declining oil prices.
Impact on Oil Prices and Market Outlook: The increase in production is expected to further weaken oil prices, with forecasts predicting Brent crude to average $62/bbl in Q4 and drop to $52/bbl by FY 2026, while crude oil futures showed slight gains ahead of an OPEC+ meeting.
Analyst Views on USO
Wall Street analysts forecast USO stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for USO is USD with a low forecast of USD and a high forecast of USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
0 Analyst Rating
0 Buy
0 Hold
0 Sell
Current: 73.340
Low
Averages
High
Current: 73.340
Low
Averages
High
No data
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
