Shares of oil companies are trading higher after Saudi Arabia said it would begin oil output cuts of 1 million barrels per day for July.
Portfolio Pulse from Benzinga Newsdesk
Oil company stocks are trading higher following Saudi Arabia's announcement to cut oil output by 1 million barrels per day for July.
June 05, 2023 | 1:25 pm
News sentiment analysis
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POSITIVE IMPACT
APA stock is likely to benefit from Saudi Arabia's oil output cut announcement.
The reduction in oil output by Saudi Arabia is expected to increase oil prices, which will positively impact oil companies like APA.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50
POSITIVE IMPACT
BKR stock is expected to rise due to Saudi Arabia's oil output cut announcement.
The reduction in oil output by Saudi Arabia is expected to increase oil prices, which will positively impact oil companies like BKR.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50
POSITIVE IMPACT
COP stock is likely to benefit from Saudi Arabia's oil output cut announcement.
The reduction in oil output by Saudi Arabia is expected to increase oil prices, which will positively impact oil companies like COP.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50
POSITIVE IMPACT
CVX stock is expected to rise due to Saudi Arabia's oil output cut announcement.
The reduction in oil output by Saudi Arabia is expected to increase oil prices, which will positively impact oil companies like CVX.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50
POSITIVE IMPACT
DVN stock is likely to benefit from Saudi Arabia's oil output cut announcement.
The reduction in oil output by Saudi Arabia is expected to increase oil prices, which will positively impact oil companies like DVN.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50
POSITIVE IMPACT
EOG stock is expected to rise due to Saudi Arabia's oil output cut announcement.
The reduction in oil output by Saudi Arabia is expected to increase oil prices, which will positively impact oil companies like EOG.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50
POSITIVE IMPACT
EQT stock is likely to benefit from Saudi Arabia's oil output cut announcement.
The reduction in oil output by Saudi Arabia is expected to increase oil prices, which will positively impact oil companies like EQT.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50
POSITIVE IMPACT
FANG stock is expected to rise due to Saudi Arabia's oil output cut announcement.
The reduction in oil output by Saudi Arabia is expected to increase oil prices, which will positively impact oil companies like FANG.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50
POSITIVE IMPACT
HAL stock is likely to benefit from Saudi Arabia's oil output cut announcement.
The reduction in oil output by Saudi Arabia is expected to increase oil prices, which will positively impact oil companies like HAL.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50
POSITIVE IMPACT
MRO stock is expected to rise due to Saudi Arabia's oil output cut announcement.
The reduction in oil output by Saudi Arabia is expected to increase oil prices, which will positively impact oil companies like MRO.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50
POSITIVE IMPACT
OXY stock is likely to benefit from Saudi Arabia's oil output cut announcement.
The reduction in oil output by Saudi Arabia is expected to increase oil prices, which will positively impact oil companies like OXY.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50
POSITIVE IMPACT
PBA stock is expected to rise due to Saudi Arabia's oil output cut announcement.
The reduction in oil output by Saudi Arabia is expected to increase oil prices, which will positively impact oil companies like PBA.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50
POSITIVE IMPACT
PBR stock is likely to benefit from Saudi Arabia's oil output cut announcement.
The reduction in oil output by Saudi Arabia is expected to increase oil prices, which will positively impact oil companies like PBR.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50
POSITIVE IMPACT
SLB stock is expected to rise due to Saudi Arabia's oil output cut announcement.
The reduction in oil output by Saudi Arabia is expected to increase oil prices, which will positively impact oil companies like SLB.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50
POSITIVE IMPACT
XOM stock is likely to benefit from Saudi Arabia's oil output cut announcement.
The reduction in oil output by Saudi Arabia is expected to increase oil prices, which will positively impact oil companies like XOM.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50