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, +5.21% and Shell PLC SHEL, +4.64% rose 4.8% and 4.4%, respectively, in early trade in Europe.

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Saudi Arabia, OPEC+ producers announce voluntary oil output cutsThe Saudi energy minister said it was a precautionary measure to support the stability of the oil market. These announcements are voluntary price increases and profit increases for them to voluntarily make themselves even more obscenely rich. More reason to find alternative energy sources--get off of the Saudi's oil teat and rob them of their outsize influence in the world. OPEC to Biden:
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