Oil Markets Roar As Saudi Arabia, Russia Extend Production Cuts: 3 Oil Stocks With Huge Upside Potential
Portfolio Pulse from Piero Cingari
Saudi Arabia and Russia have extended their crude oil production cuts until December, causing a surge in oil prices and related stocks. The Energy Select Sector SPDR Fund (NYSE:XLE), the SPDR S&P Oil & Gas Exploration and Production (NYSE:XOP), and the VanEck Oil Services ETF (NYSE:OIH) all experienced increases. Large-cap oil stocks Occidental Petroleum Corp. (NYSE:OXY), EOG Resources, Inc. (NYSE:EOG), and Exxon Mobil Corp. (NYSE:XOM) also saw increases. Stocks with the most potential upside include HighPeak Energy, Inc. (NYSE:HPK), Alliance Resource Partners, L.P. (NYSE:ARLP), and Tamarack Valley Energy Ltd. (NYSE:TVE).
September 05, 2023 | 2:50 pm
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POSITIVE IMPACT
Alliance Resource Partners, L.P. has a 51% potential upside due to the surge in oil prices.
The extension of oil production cuts by Saudi Arabia and Russia has led to a surge in oil prices, indicating potential upside for oil-related stocks like ARLP.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
EOG Resources, Inc. experienced a 1.9% increase due to the extension of oil production cuts.
The extension of oil production cuts by Saudi Arabia and Russia has led to a surge in oil prices, positively impacting oil-related stocks like EOG.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
HighPeak Energy, Inc. has a 65% potential upside due to the surge in oil prices.
The extension of oil production cuts by Saudi Arabia and Russia has led to a surge in oil prices, indicating potential upside for oil-related stocks like HPK.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
The VanEck Oil Services ETF surged by 2.2% due to the extension of oil production cuts.
The extension of oil production cuts by Saudi Arabia and Russia has led to a surge in oil prices, positively impacting oil-related stocks and ETFs like OIH.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Occidental Petroleum Corp. rose by 2.2% due to the extension of oil production cuts.
The extension of oil production cuts by Saudi Arabia and Russia has led to a surge in oil prices, positively impacting oil-related stocks like OXY.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Tamarack Valley Energy Ltd. has a 43% potential upside due to the surge in oil prices.
The extension of oil production cuts by Saudi Arabia and Russia has led to a surge in oil prices, indicating potential upside for oil-related stocks like TVE.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
The Energy Select Sector SPDR Fund experienced a 1% rise due to the extension of oil production cuts.
The extension of oil production cuts by Saudi Arabia and Russia has led to a surge in oil prices, positively impacting oil-related stocks and ETFs like XLE.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Exxon Mobil Corp. experienced a 1.9% increase due to the extension of oil production cuts.
The extension of oil production cuts by Saudi Arabia and Russia has led to a surge in oil prices, positively impacting oil-related stocks like XOM.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
The SPDR S&P Oil & Gas Exploration and Production showed a 0.5% increase due to the extension of oil production cuts.
The extension of oil production cuts by Saudi Arabia and Russia has led to a surge in oil prices, positively impacting oil-related stocks and ETFs like XOP.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80