Oil Stocks: Flat Is the New Growth in 2021
Saudi Arabia gave the oil market a shot in the arm earlier this week by unexpectedly unveiling a production cut. That move sent oil prices in the U.S. soaring above $50 a barrel for the first time since last February. It's a critical threshold for many oil producers, since it should supply them with a gusher of excess cash after they spent the past year driving down costs.
Usually, the industry redirects most of its free cash toward drilling new wells and boosting production. However, producers appear to be taking a different approach this time. That's excellent news for oil stock investors.
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Source Fool.com
