American oil stocks, including Chevron (NYSE: CVX) and Exxon-Mobil (NYSE: XOM), are experiencing a surge in value following the announcement that Saudi Arabia has agreed to further decrease its oil production by 1 million barrels per day.<br /><br />Chevron's opening price this morning is expected to be around $158, reflecting a 1.25% increase. On June 2, the stock had already risen by 3.8%. Similarly, Exxon-Mobil's stock has climbed to $107.25, showing a 1.5% increase, after experiencing a 2.3% rise on Friday, when the news of Saudi Arabia's decision was still just a rumor. Comparing their performance in 2023, Chevron has faced a decline of 10%, whereas Exxon-Mobil has witnessed a decrease of less than 1%. Other oil producers, such as EOG Resources (NYSE: EOG) and Pioneer Natural Resources (NYSE: PXD), also saw a rise of approximately 1.5% in their stock prices.<br /><br />While the stocks exhibited notable gains, the impact on crude oil prices was even more significant. Brent Crude, which serves as the global benchmark, has increased by 2.5%, reaching $78 per barrel. Meanwhile, WTI Crude, the standard for the United States, has risen by 2.6% to $73.65 per barrel. Industry analysts have renewed their predictions of oil prices surging to $100 per barrel in light of these developments.
