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Crude prices CL.1 dropped about 4%, near $56 a barrel, late Sunday after OPEC+ on Saturday agreed to ramp up output in June for a second straight month. The additional production of 411,000 barrels a day — after a similar hike in May — is seen as a punishment for overproduction by nations such as Iraq and Kazakhstan that had sent crude prices sharply lower, as well as appeasing President Donald Trump ahead of his upcoming trip to Saudi Arabia, Qatar and the UAE. June West Texas Intermediate crude CLM25 fell 7.5% last week, the biggest weekly drop since the week ending April 4, according to Dow Jones Market Data. U.S. benchmark oil prices fell 18.6% in April — their biggest monthly loss since November 2021.
Crude prices CL.1 gained some ground Monday morning, trading up at $57.41 per barrel as of 7:06 AM ET.
Warren E. Buffett has been at the forefront of American capitalism for decades as the chief executive of Berkshire Hathaway, the conglomerate he built into a $1.1 trillion colossus.
By the end of the year, he is preparing to give up that role.
Mr. Buffett said at the company’s annual shareholder meeting on Saturday that he plans to ask Berkshire’s board to approve making Gregory Abel, his heir apparent, the chief executive by the end of the year.
Mr. Buffett, 94, told the tens of thousands of Berkshire shareholders at the meeting in Omaha that Mr. Abel would have “the final word” regarding the company's operations, investments, and other matters.
However, Mr. Buffett added that he “would still hang around and conceivably be useful in a few cases.” He will remain chairman of Berkshire—turning that role over to his son Howard Buffett upon his death—and remains the single biggest shareholder in Berkshire, with a roughly 14 percent stake worth about $164 billion.
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