Jeff Reeves’s Strength in Numbers: Big Oil is in decline, and the OPEC deal can’t rescue it

The big news this past week was a massive OPEC deal that finally made good on talk about a worldwide cut in oil production. In case you missed it, the agreement resolves to remove about 2% of global oil production, with the Organization of Petroleum Exporting Countries’ member states cutting 1.2 million barrels of daily output and non-OPEC producers, including Russia, reducing 600,000 barrels daily.

That news had a big impact on the market, resulting in a roughly double-digit move for oil CLF7, +1.21% , putting prices above $50 again for the first time since June. And a number of smaller energy companies have exploded higher, including:

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