The decision by OPEC+ on Wednesday to leave output unchanged prompted a 1% gain on crude oil prices, a move that resulted in losses for many Oklahoma energy stocks.
While OPEC+ didn’t move to increase production, it voted to create a mechanism for setting baselines for oil production in 2027. Another move that also affected prices as one by the U.S. to bar Chevron from exporting Venezuelan oil.
Global benchmark Brent Crude finished up 81 cents or 1.26% to $64.90 a barrel.
US benchmark West Texas Intermediate crude gained 95 cents or 1.56% and finished at $61.84 a barrel on the New York Mercantile Exchange.
Losers outnumbered gainers among Oklahoma energy stocks on Wednesday. Most of the losses were moderate and in the 1% to 2% range while two other firms recorded strong gains—Mammoth Energy jumped 6% and Empire Petroleum finished up more than 5%.