Occidental Petroleum Corp. shares sank 0.85% to $32.58 Friday. This proved to be an all-around favorable trading session for the stock market, with the S&P 500 Index SPX rising 0.75% to 4,352.34 and the Dow Jones Industrial Average DJIA rising 0.44% to 34,786.35.
Occidental Petroleum Corp. closed $0.92 short of its 52-week high ($33.50), which the company achieved on July 1st.The stock underperformed when compared to some of its competitors Friday, as Exxon Mobil Corp. XOM fell 0.14% to $63.17, Chevron Corp. CVX fell 0.13% to $106.07, and ConocoPhillips COP fell 0.21% to $62.75.
On a further positive note and to nearly everyone’s surprise, Riyadh pledged to reduce oil output by 1 million barrels per day in February and March, thereby pumping for two months at levels below the production limit fixed under the OPEC+ agreement. The deeper cuts by the world’s largest oil exporter also helped to offset Russia and Kazakhstan’s combined addition of 75,000 barrels per day to the market.In March, the OPEC+ alliance decided to continue withholding production by around 7 million barrels per day through April. Moreover, OPEC-kingpin Saudi Arabia pledged to extend its voluntary supply curbs of 1 million barrels per day.