Occidental Petroleum (OXY)

Jun 2, 2023Trade Ideas

The weekend could get interesting for oil prices.

On June 4, OPEC+ will meet to figure out their next production policy steps. This come just weeks after Saudi Arabia warned oil shorts to “watch out.”

While we’re not exactly sure what’ll happen at the meeting, Goldman Sachs’ analysts expect OPEC+ to keep production unchanged this weekend, says CNBC. However, they did add that they see a “sizeable 35% subjective probability” of further OPEC cuts, as oil prices are “clearly below our $80-85/bbl estimate of the OPEC put. Very low positioning, the Saudi determination not to give speculators free rein, and the decision to meet in person also suggest that deeper cuts will likely be discussed.”

One way to trade a potential oil rally after OPEC+ meets, keep an eye on one of Warren Buffett’s favorite stocks, Occidental Petroleum (OXY).  The billionaire’s firm just bought another 4.66 million OXY shares for $275 million in late May. And while Buffett says there’s no interest in owning OXY, he may not be finished buying the stock, as noted by Business Insider.

“Buffett probably isn’t done building his stake in the company, given that Berkshire Hathaway has received the green light from regulators to own up to 50% of the company,” they added.


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