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European energy stocks surge after surprise OPEC+ output cut

By Scott Kanowsky 

Investing.com -- Shares in European oil companies jumped on Monday after OPEC+ nations unveiled a surprise output reduction over the weekend to offset worries over weakening demand.

Energy giants like Shell PLC (LON:SHEL), BP PLC (LON:BP), and France's TotalEnergies SE (EPA:TTEF) all gained more than 3% in early trading, while the STOXX Europe 600 Oil&Gas index - a tracker of stocks in the sector - climbed nearly 4%.

Oil prices, meanwhile, surged, with U.S. crude futures rising 5.43% to $79.78 a barrel and the Brent contract moving higher by 5.50% to $84.28 as of 03:22 ET.

The Organization of Petroleum Exporting Countries and its allies, known collectively as OPEC+, unexpectedly announced on Sunday that it will slash production by over 1 million barrels per day through to the end of this year.

This move came ahead of a virtual meeting of the group’s monitoring committee later today, which had been widely expected to confirm the production levels agreed upon in November.

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 70.8% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.