Keep an eye on oil stocks, like Exxon Mobil (XOM). 

Oil is on the move after Saudi Arabia’s decision to cut oil production by another million barrels per day starting in July. “The market did not widely expect the Saudi decision to cut production by 1 million barrels per day unilaterally,” President of Rapidan Energy Bob McNally told CNBC. “It once again demonstrated that Saudi Arabia is willing to act unilaterally to stabilize oil prices.”

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Also, as noted by Politico, “The cut follows Saudi Energy Minister Abdulaziz bin Salman’s sharp warning to speculators betting on lower oil prices. The Saudis need sustained high oil revenue to fund ambitious development projects aimed at diversifying the country’s economy away from oil. The International Monetary Fund estimates the kingdom needs $80.90 per barrel to meet its envisioned spending commitments, which include a planned $500 billion futuristic desert city project called Neom.


Ian Cooper