It’s a golden moment for energy investors: Oil stocks are rallying.
For the first time in eight years, OPEC countries agreed to cut back on oil production by 1.2 million barrels per day. It’s an effort to reduce the global oil glut that sunk prices to historic lows.
Non-OPEC members also agreed to curtail output, though details won’t be hammered out until December 9.
News of the accord sent oil stocks soaring, and some analysts are predicting $60-per-barrel oil before long.
Which companies are best positioned to enjoy long-term profits from OPEC’s actions? Here are 3 strong contenders.