America Based Occidental Petroleum Corp Shares Crashes

Occidental Petroleum Corp. shares sank 0.85% to $32.58 Friday. This proved to be an all-around favorable trading session for the stock market, with the S&P 500 Index SPX rising 0.75% to 4,352.34 and the Dow Jones Industrial Average DJIA rising 0.44% to 34,786.35.

Occidental Petroleum Corp. closed $0.92 short of its 52-week high ($33.50), which the company achieved on July 1st.The stock underperformed when compared to some of its competitors Friday, as Exxon Mobil Corp. XOM fell 0.14% to $63.17, Chevron Corp. CVX fell 0.13% to $106.07, and ConocoPhillips COP fell 0.21% to $62.75.

Occidental Petroleum Corp Trading volume (10.6 M) remained 7.6 million below its 50-day average volume of 18.2 M.Beginning August, the production cap was relaxed to 7.7 million barrels per day through the remainder of the year. Continuing with its oil price support mechanism, the group agreed to increase output by 500,000 barrels a day from January 2021 instead of the pre-scheduled 2 million barrels per day.

On a further positive note and to nearly everyone’s surprise, Riyadh pledged to reduce oil output by 1 million barrels per day in February and March, thereby pumping for two months at levels below the production limit fixed under the OPEC+ agreement. The deeper cuts by the world’s largest oil exporter also helped to offset Russia and Kazakhstan’s combined addition of 75,000 barrels per day to the market.In March, the OPEC+ alliance decided to continue withholding production by around 7 million barrels per day through April. Moreover, OPEC-kingpin Saudi Arabia pledged to extend its voluntary supply curbs of 1 million barrels per day.