The S&P/ASX 200 Index (ASX: XJO) is having a rough Monday, but one sector is dodging the carnage. S&P/ASX 200 Energy Index (ASX: XEJ) stocks are outperforming, including market giant Woodside Energy Group Ltd (ASX: WDS).
And it could be Russia putting the wind under their sails. The nation reportedly vowed to cut oil production over the weekend.
Meanwhile, stock in Woodside's peer Beach Energy Ltd (ASX: BPT) is in the green after the company posted its first-half earnings.
Right now, the Woodside share price is trading 1.9% higher at $36.535.
Comparatively, the ASX 200 is currently down 0.33% and the energy sector is up 1.88%.
Let's take a closer look at the news that could be boosting the Woodside share price higher, alongside those of its peers.
What's boosting ASX 200 energy stocks like Woodside?
It's a good day to be invested in ASX 200 energy stocks after the price of oil surged again late last week.
As most of Australia kicked off the weekend, the Brent crude oil price rose 2.2% to US$86.39 a barrel and the US Nymex crude oil price gained 2.1% to US$79.72 a barrel. The energy commodities rose 8.1% and 8.6% respectively over the course of last week.
Their latest gain came as Russia vowed to cut oil production by around 5%, or 500,000 barrels a day, in March, Reuters reports.
The move is a response to price caps imposed on the nation's oil by Western nations following the invasion of Ukraine.
Of course, higher oil prices generally mean more revenue for oil producers. Thus, the news might be driving the Woodside share price upwards today.
The stock is currently the energy sector's third-best performer, bested by shares in Whitehaven Coal Ltd (ASX: WHC) and Ampol Ltd (ASX: ALD). They're gaining 2.6% and 2.1% respectively.
Meanwhile, stock in Beach Energy is up 0.33% after the company revealed it saw $827 million of revenue in the first half of financial year 2023. It also upped its interim dividend by 100% to 2 cents per share.
