What's Fueling The Move In ConocoPhillips, Chevron and BP Shares Today?

ConocoPhillips COP, Chevron Corp CVX and BP P.L.C. BP shares are trading higher Monday after OPEC+ made a surprise announcement to slash oil output.

What To Know: A group of several countries that export oil, known as OPEC+, announced plans to cut oil production by approximately 1.16 million barrels per day on Sunday. The move represents about 1% of world supplies and is expected to cause an immediate rise in oil prices. 

According to a New York Times report, Russia appears to be struggling to keep production levels elevated in the wake of its invasion of Ukraine as several service companies have pulled back or halted operations. Saudi production has also been below expected levels in recent months.

The news of the cuts comes just days after OPEC+ leaders said they did not expect to change output levels. 

Front month WTI Crude futures were trading up 6% at $80.21 and Brent Crude futures, the international benchmark, were up 5.22% at $83.24 at the time of writing.

Check This Out: OPEC+ Decision On Oil Production Cuts Just Roiled These Already Volatile Assets

Price Action: At time of publication, ConocoPhillips was up 4.97% at $104.14, Chevron was up 4.26% at $170.11 and BP was up 4.98% at $39.83 according to Benzinga Pro.

Photo: John R Perry from Pixabay.