Extended oil production cuts and the simultaneous dwindling of crude oil inventories have sent oil prices soaring to heights. To potentially profit, one could invest in robust energy stocks PBF Energy Inc. (PBF), Energy Transfer LP (ET), and Shell plc (SHEL) this week. Let’s understand this in detail.
Recently, Saudi Arabia opted to prolong its voluntary reduction of crude oil production by 1 million barrels per day until the year's end. Concurrently, Russia, the world's second-largest oil exporter, extended its voluntary reduction of 300,000 barrels per day in oil exports until year-end, intending to preserve market stability.
