"Global Oil Stocks Tumble as Saudi Price Cuts Raise Demand Concerns"

ExxonMobil, Chevron, and ConocoPhillips stocks dropped as Saudi Arabia's announcement of cutting its oil export prices by as much as $2 a barrel indicated weakening oil demand, causing oil prices to fall. Despite optimistic predictions from Truist and Piper Sandler about rising oil prices and company profits, the real-time drop in oil prices led to investor selling. However, it's not time to panic as oil prices may still average $78 in 2024, and the energy giants could see significant profits, making their current stock prices appear cheap.