Supply cuts by major oil-producing nations have emerged as a key driver of heightened global oil demand and, thus, subsequently pushing oil prices upward. In such a scenario, three fundamentally sound energy stocks, ChampionX Corporation (CHX), REX American Resources Corporation (REX), and Ranger Energy Services, Inc. (RNGR), could be solid portfolio additions to capitalize on the industry tailwinds.
Saudi Arabia recently extended its voluntary oil production reduction of 1 million barrels per day until the end of the year to secure higher oil prices. On the other hand, Russia has also pledged to decrease its oil exports by 300,000 barrels per day until December 2023.
