Oil services and oil producers jump on Saudi oil production cut
Oil services stocks jumped in premarket trade Monday after Saudi Arabia's Ministry of Energy led a surprise oil production cut across several OPEC+ nations. Halliburton Co. (HAL) jumped 7.2% before market open, while Marathon Oil Corp. (MRO) rose 7.1%. APA Corp. (APA) is up 6.7% and Occidental Petroleum Corp. (OXY) is up 6.3%. Schlumberger Ltd. (SLB) and Devon Energy Corp. (DVN) are both up 6.2%. On Sunday the Ministry announced that the Kingdom will implement a voluntary cut of 500 thousand barrels per day from May till the end of 2023. The cut is a precautionary measure aimed at supporting the stability of the oil market, according to the Ministry of Energy. Oil stocks spiked premarket on the news, with Chevron Corp. (CVX) climbing 4.5%, Exxon Mobil Corp. (XOM) rising 4.2%.
-James Rogers
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04-03-23 0758ET
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