Crude Calculations: OPEC+ Eyes Deeper Cuts as Oil Prices Waver

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Lone Star Stories

• Bitcoins and Big Rigs: The Power Play in Texas

Texas has become a hub for bitcoin mining, leveraging cheap energy, open land, and support from state leaders, despite facing criticism for its energy consumption and environmental impact. Large-scale operations like CoreScientific and smaller, off-grid miners like 360 Mining are thriving in Texas, with plans for significant expansion, benefiting from state policies and contributing to the state's energy grid and economy.

• Crude Calculations: OPEC+ Eyes Deeper Cuts as Oil Prices Waver

Brent and WTI crude prices dipped on Monday amid anticipation of this week's OPEC+ meeting, where further production cuts into 2024 are expected, despite a temporary postponement of the ministerial meeting to iron out production targets. Despite the expectation that Saudi Arabia and Russia will extend their production cuts, global oil markets are projected to see a slight surplus in 2024, with increased exports from the UAE and ongoing talks to resume Iraqi crude exports via Turkey adding to the complex market dynamics.

Reader Question of the Day

How are oil companies using scenario planning to prepare for future energy landscapes?

Oil companies are using scenario planning like a crystal ball to peek into the future of energy. They create different "what if" stories, imagining how the world might change in the coming years. These scenarios consider things like new technologies, changes in government policies, or shifts in how people use energy. It's like writing different endings to a story and seeing which one seems most likely.

With these scenarios in hand, companies can make smarter plans. For example, if one scenario suggests that electric cars will become super popular, an oil company might start investing more in electric charging stations. It's like a chef who prepares different ingredients, ready to whip up whatever dish the customers might suddenly crave. This way, oil companies can be ready for whatever the future holds, adapting their strategies to stay ahead in the ever-changing energy game.

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