Shares of energy companies rose after the latest Saudi plan to constrain production.

Saudi Aramco's pullback of a million barrels on its production capacity goal, reportedly at the direction of the central government, dealt oil-services stocks a major blow.

Aramco will keep production around current levels of 12 million barrels per day.

Shares of Schlumberger plummeted roughly 7% amid fears that the changes of plan will force it to leave equipment idle.


Write to Rob Curran at rob.curran@dowjones.com

(END) Dow Jones Newswires

01-30-24 1729ET