Oil’s Q3 2024 downtrend mirrors Q1 2023, with profits set to decline again.

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Oil has experienced a downtrend in Q3 2024, influenced by several factors: geopolitical tensions, EIA forecasts, OPEC+ production cuts, and slow growth in China. This pattern mirrors Q1 2023, where oil company profits subsequently declined.

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2023 Q1 Chart

 

2024 Q3 Chart

Here is a comparison of some oil companies earnings :

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2023

2024

Disclaimer

This is not financial advice. I’m a regard who is trying to learn something about stock market .

Credit to: UlquiorraCfier