Oil stocks jump on Saudi oil production cut
Oil stocks jumped premarket Monday after Saudi Arabia's Ministry of Energy led a surprise oil production cut across several OPEC+ nations. 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 4.1% and Exxon Mobil Corp. (XOM) rising 4.1%. ConocoPhillips (COP) is up 5.1% before market open and Devon Energy Corp. (DVN) is up 5.9%. European oil giants BP PLC and Shell PLC rose 4.8% and 4.4%, respectively, in early trade in Europe.
-James Rogers
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04-03-23 0721ET
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