MNTK - Energy stocks keep climbing with crude prices as OPEC+ plan disappoints

Energy stocks (NYSEARCA:XLE) rose as crude oil posted a sixth straight weekly advance, after markets shrugged off OPEC's modest production boost that seems unlikely to make up for lost supply from Russia and meet China's growing demand as it eases COVID restrictions. The group said it would raise output by 648K bbl/day in July and August rather than 432K bbl/day previously agreed, as analysts say the increase may undershoot the pledged amount since OPEC+ divided the gain across its members and still included Russia, whose production is falling as sanctions have caused some countries to avoid buying its oil. "The fact that Russia was left in the group suggests that production from the alliance will continue to struggle to meet even this modest increase," ANZ Research analysts say, noting Russian output already has declined by 1M bbl/day since its invasion of Ukraine and likely will fall further as the European

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Energy stocks keep climbing with crude prices as OPEC+ plan disappoints