PXD - 3 Top Oil Stocks to Buy to Cash In on OPEC's Continued Support of Crude Prices
2023-10-05 09:30:00 ET
Members of OPEC+ recently reaffirmed their plans to reduce supplies by over 1 million barrels per day through the end of the year. This production cut has had a noticeable impact on oil prices in recent months, as crude prices have rallied over 15% in the last three months to around $90 per barrel.
OPEC wants oil prices to remain elevated, which is why the group continues to extend its production cuts. That's great news for oil companies because it will enable them to generate more cash.
Many producers plan to return a large portion of their oil-fueled windfall to shareholders. Devon Energy (NYSE: DVN) , Pioneer Natural Resources (NYSE: PXD) , and ConocoPhillips (NYSE: COP) stand out as the top oil stocks to buy for investors seeking to cash in on the OPEC-led support of the oil market.
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3 Top Oil Stocks to Buy to Cash In on OPEC's Continued Support of Crude Prices