The Woodside Energy Group Ltd (ASX: WDS) share price is outperforming the ASX 200 today.
Woodside shares are rising 0.35% and are currently trading at $34.87. That means the energy producer is up around 8% this week. For perspective, the S&P/ASX 200 Index (ASX: XJO) is 0.57% in the red today.
Let's take a look at how the Woodside share price is performing today.
Oil price tipped to rise
Woodside is not the only energy producer rising today. The Santos Ltd (ASX: STO) share price is lifting 2.06%, while Beach Energy Ltd (ASX: BPT) shares are up 1.57%.
The Brent Crude oil price is up 0.08% to US$94.50 a barrel, while WTI Crude Oil is lifting 0.19% to US$88.62, according to Bloomberg.
Meanwhile, ANZ analysts are predicting OPEC's decision to cut oil production as a "turning point" for the oil market. As my Foolish colleague James reported yesterday, OPEC+ has decided to cut production by 2 million barrels per day from November.
In a research report published today, ANZ senior commodity strategist Daniel Hynes and commodity strategist Soni Kumari said:
We see crude oil pushing back towards US$100/bbl in the near term, and reiterate our short-term target of US$115/bbl.
Market sentiment was already bearish in anticipation of a weakening global economy, and this decision should further tighten the market.
The strategists noted tightening monetary policy and "China's COVID-related movement restrictions" could put demand growth under pressure. However, they added:
The oil market is in a fundamentally stronger position than it has been in previous economic downturns.
Stocks are relatively low, in part due to OPEC's supply discipline during the height of the pandemic.
Woodside paid a fully franked dividend of 109 US cents per share to investors yesterday, 263% higher than that paid in the first half of 2021. In the first half of 2022, Woodside's net profit after tax (NPAT) soared 414% to US$1.819 billion.
Woodside share price snapshot
The Woodside share price has surged 59% in the year to date, while it has risen 39% in the last year.
In contrast, the ASX 200 has lost 9% in the year to date and 7% in the past year.
Woodside has a market capitalisation of about $60.7 billion based on the current share price.
