Oil States International, Inc. (OIS) shares are down today, trading at $5.41, a 1.81% decrease from the previous close of $5.51. The decline in OIS stock comes amid broader market concerns related to the energy sector. Notably, the United States set a new crude oil production record in August 2024, averaging 13.4 million barrels per day, according to the Energy Information Administration. This increase in production could be contributing to downward pressure on oil prices, affecting companies like Oil States International that are involved in the oilfield services sector.
Additionally, discussions among OPEC+ heavyweights, including Saudi Arabia, Russia, and Iraq, about the state of the global oil market may be creating uncertainty. These talks come ahead of a key meeting, and any potential decisions regarding production levels could impact oil prices and, consequently, the stock prices of companies in the oil industry.