By Adria Calatayud

Shares in European oil companies rose in early trade Monday after a group of large oil producers led by Saudi Arabia said they would cut output, boosting crude prices.

At 0732 GMT, shares in Shell PLC, BP PLC and TotalEnergies SE had gained more than 4%. Galp Energia SGPS SA rose more than 5% and Eni SpA more than 3%, while Repsol SA and OMV AG traded more than 2% higher.

Members of the OPEC+ group said Sunday that they would cut more than a million barrels of output a day starting next month, a move that triggered a jump in oil prices.

Analysts at Citi said in a research note that larger oil names such as Shell and BP would likely benefit the most should investors decide to increase their exposure to the sector as a result of the production cuts.

Write to Adria Calatayud at adria.calatayud@dowjones.com

(END) Dow Jones Newswires

April 03, 2023 03:51 ET (07:51 GMT)

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