Analysts unveil ExxonMobil stock price target after oil price collapse

ExxonMobil (XOM) wants to come back to work.

The energy giant, the largest direct descendant of John D. Rockefeller's Usual Oil, said on Sept. sixteen that it's working to soundly restart operations at its Hoover offshore platform within the Gulf of Mexico, Reuters reported.

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The corporate had shut down the ability upfront of Tropical Storm Francine, which made landfall on 11th of September with winds of A hundred mph.

The bulk of Terrebonne and Lafourche Parishes lost power, while roughly one-third of Metro New Orleans suffered an influence loss.

As Exxon looks to get its Hoover operation back on line, the corporate and remainder of the industry are contending with declining crude oil prices on account of a slump in industrial demand and a lack of cohesion among OPEC cartel members.

The International Energy Agency said in its September report that global oil demand growth continues to decelerate, with reported first-1/2 gains of 800 kb/d, or thousand barrels per day, year-over-year the underside since 2020.

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"The executive driver of this downturn is a impulsively slowing China, where consumption reduced in size year-over-year for a fourth straight month in July, by 280 kb/d," the IEA said. "The rapid decline in global oil demand growth in recent months, led by China, has fueled a sharp sell-off in oil markets."

The country’s oil demand is now set to make bigger by only a hundred and eighty kb/d in 2024, the report said, 'as the broad-based economic slowdown and an accelerating substitution away from oil in favor of different fuels weigh on consumption."

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"Surging EV sales are decreasing road fuel demand while the event of an oversized national high-speed rail network is restricting growth in domestic air go back and forth," the IEA said.

Outside of China, the agency said that oil demand growth is "tepid at best."

"Most modern data for the U. S. show a sharp decline in gasoline deliveries in June, following unexpected strength in May," IEA said. "As such, gasoline use within the arena’s largest oil consumer declined y-o-y in five out of the first six months of this year."

The long decline in crude oil prices has dragged U.S. gasoline prices down in tandem. The AAA Motor Club pegs the common cost at around $three.21 per gallon, when compared with the year-ago figure of $three.87 per gallon.

"There are an ever-increasing variety of states east of the Rockies that have some retail gas locations selling regular for below $three a gallon, so drivers will have more in their wallets with autumn drawing near,” Andrew Gross, AAA spokesperson, said in an announcement. “Should the national average fall less than $three, it'd be the first time since May 2021.”

GasBuddy is in the same way seeing prices fall quickly toward $three per gallon or lower.

We're just 15 cents from seeing the national average fall to $2.ninety 9/gal for the first time since May eleven, 2021- over 1,200 days ago- when the economy became handling Covid-19 19. #gasprices %twitter.com/3fHQFbd5iU— Patrick De Haan ⛽️