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,
+0.47%
climbing 4.1% and Exxon Mobil Corp.
XOM,
+0.16%
rising 4.1%. ConocoPhillips
COP,
-0.04%
is up 5.1% before market open and Devon Energy Corp.
DVN,
+1.52%
is up 5.9%. European oil giants BP PLC
BP,
+4.91%
and Shell PLC
SHEL,
+4.53%
rose 4.8% and 4.4%, respectively, in early trade in Europe.