The Woodside Energy Group Ltd (ASX: WDS) share price is smashing the ASX 200 on Wednesday despite no announcements from the company.
At the time of writing, the energy producer's shares are climbing to $31.76, up 3.55%.
For context, the S&P/ASX 200 Index (ASX: XJO) opened up in the red but has now pushed into positive territory, up 0.14%.
Let's take a look at what's driving Woodside shares higher today.
Why are Woodside shares roaring higher?
Investors are bidding up the Woodside share price following a broader lift across the S&P/ASX 200 Energy Index (ASX: XEJ) today.
The benchmark index comprising 11 companies that operate in the oil, gas and coal sector is up 2.88%.
This makes it the best performing sector on the ASX by a long shot. The next highest is the S&P/ASX 200 Resources Index (ASX: XJR), up 1.72%.
Oil prices rose overnight on the back of rumours that OPEC+ could cut output targets by 1 million barrels per day.
The cartel is due to meet on 5 October.
OPEC meetings are attended by representatives from 13 oil-rich nations and are responsible for 40% of the world's oil supply.
Given the recent oil price decline, any halt to production would drive energy prices possibly above US$100 a barrel.
The oil market is extremely tight, with demand continuing to accelerate as the world faces an energy crisis.
Currently, the West Texas Intermediate (WTI) is fetching at $78.30 a barrel.
If oil prices head higher, this will evidently see Woodside continue to produce bumper margins along with its peers.
Shares in fellow rival, Santos Ltd (ASX: STO) also powering ahead for the day, up 1.29% to $7.04.
Woodside share price summary
It's been a rollercoaster 12 months for the Woodside share price despite recording a 32% gain for the period.
The company's shares reached a 52-week high of $36.68 on 26 August before tumbling 20% in the following weeks.
Since then, the share has risen on the back of an uptick in gasoline prices.
Woodside presides a market capitalisation of approximately $58.23 billion, making it the biggest energy company on the ASX.
