Exxon Resists Iranian Oil Export Slump as Brent Crude Stalls Near $94
Exxon Mobil's share price held steady at $166.07 on Friday afternoon after touching $168 earlier in the session. The company's stock stabilized as Iranian oil exports declined, keeping Brent crude prices near $94 per barrel.
According to Reuters, Iran's shipments dropped to approximately 534,000 barrels per day in August from a five-year average of 1.4 million. This significant reduction in oil exports is having a direct impact on the global market, with floating storage outside the blockade zone declining from about 105 million to 80 million barrels.
Exxon's strong second-quarter performance, which included $23.6 billion in operating cash flow and $17.2 billion in free cash flow, has positioned the company well to benefit from the tightening market. However, experts warn that high energy prices could revive inflation and weaken global demand.