Occidental Petroleum (OXY 66.20, +3.77, +6.0%),
Chevron (CVX 170.00, +6.84, +4.2%),
Exxon (XOM 113.92, +4.26, +3.9%)
Higher this morning following the surprise oil production cut from OPEC+.
OPEC+ surprised markets with news that it will reduce oil production by another 1 million barrels per day starting in May, according to Bloomberg. According to FT, Saudi Arabia was “irritated” with the Biden Administration after ruling out new purchases of oil to refill the SPR. WTI crude oil futures are up 6.6% to $80.64/bbl.