No deal: The Organization of Petroleum Exporting Countries experts ended their meeting today without agreeing on concrete details of a planned reduction in oil output by individual countries that will be presented to an OPEC ministerial gathering on Nov. 30, an OPEC source tells Reuters. News of the deal to cut oil production was welcomed by the market, but the whether an agreement can be reached at this point is unclear as Russia, Iran and Iraq have resisted a production cut. Saudi Arabia also pulled out of a meeting with nonmembers—including Russia— arguing that OPEC needs to sort out its internal divisions. OPEC is asking other big producers to reduce output by as much as 600,000 barrel a day.
Falling stocks: U.S. stocks fell modestly on today, weighed down by declines in the financial and consumer discretionary sectors, as some investors booked profits on the heels of a record-setting week. Reuters reports the three major U.S. indexes had closed higher for the third week in a row on Friday, with the S&P 500 notched its seventh record close since the U.S. presidential election on Nov. 8. U.S. stocks have jumped since Donald Trump’s victory in the presidential election, with the S&P 500 up 3.7%, as investors expect his plans to boost infrastructure spending, cut corporate taxes and reduce regulation to benefit the economy. Read the full story.
A bright spot: The oilfield service companies that supply everything from sand to sophisticated robot rigs are seeking a new lease on life as America’s fracking fortunes begin to turn, Bloomberg reports. Shale drillers have added 158 rigs since May, according to Baker Hughes Inc. At the same time, companies such as Chesapeake Energy Corp. and EOG Resources Inc. have been increasing their efficiency by cramming more and more sand into individual wells, aiming to extend their reach miles further. That’s boosted sand prices roughly 25% to about $24 a ton, according to IHS Inc. It’s an early sign that oilfield services, hard hit by a two-year slump in crude prices, are seeing the first hints of a turnaround. Read the full story.
