As previously reported, BNP Paribas upgraded Exxon Mobil (XOM) to Neutral from Underperform with a price target of $165, up from $125. The firm says “collapsing” oil and product inventories amid the Iran war will bring an extended oil upside price cycle. Oil prices will be lifted in the coming years by increased security concerns after the war, OPEC needing to recoup revenue, and limited growth on non-OPEC supply, the analyst tells investors in a research note. BNP expects the major oil producers like Chevron and Exxon to benefit from increased cash flow due to higher crude prices.
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