crude prices and oil stocks jumped monday after opec members announced a surprise production cut giving investors an opportunity to pare back their energy exposure indeed the club wouldve exited our devon energy dvn position monday if not for restrictions that prevent us from trading the stock saudi arabia and fellow members of the organization of petroleum exporting countries said sunday they are reducing oil output targets by a combined 116 million barrels per day the planned reduction set to go into effect in may and last through 2023 is a precautionary measure aimed at supporting the stability of the oil market saudi arabias energy ministry said in a statement this latest production decrease is in addition to the 2millionbarrelsperday cut implemented in november by opec and a group of partner producers led by russia together known as opec russia also said sunday its 500000 barrelperday cut will extend through the end of the year instead of lapsing in june however many analysts had expected russias output reduction to be extended oil prices rose more than 6 on monday with us crude benchmark west texas intermediate climbing above 80 per barrel for the first time since early march in midmarch wti had fallen to its lowest levels since december 2021 on concerns that the us banking crisis could hurt economic growth brent crude the international benchmark traded around 85 per barrel monday extending its rally off recent lows in the low 70s halliburton hal shares surged more than 8 monday to over 34 each as the bestperforming club energy stock devon and pioneer natural resources pxd climbed roughly 6 and 4 respectively shares of coterra energy ctra our energy stock most focused on natural gas rose 23 some analysts raised their oil price targets in response to the production cut including goldman sachs which now sees brent at 95 per barrel at yearend up from 90 this is a revenuemaximizing decision for opec under all the different scenarios it was a voluntary cut goldmans commodities chief jeff currie said monday on cnbc we have emphasized that opecs pricing power is higher than it has ever been and that theyre going to continue to exercise that power citigroup analysts cautioned that headwinds still lie ahead for global oil markets even if an initial spike in prices is inevitable eventually the firm said in a note to clients there could be a realization that the market is a lot weaker than people think pointing to chinas slowerthanexpected covid reopening and diminished demand in many western economies club take the club views mondays oil move as a trimming opportunity because our read on the opec cut is similar to citigroup its a sign the demand side is tepid in the short run jim cramer said oil prices could certainly climb a bit higher possibly back to the 90perbarrel level but at that point you really have some resistance jim said because the economies are not that strong around the world to be sure were not looking at completely ditching our energy exposure for a few reasons it still can act as a hedge against inflation and our companies within the sector are cheap from an earnings and free cash flow perspective they also have the robust capital return programs we covet thats why in march we added to our pioneer position twice and halliburton once at what is now much lower prices when everyone hated oil and pushed those stocks lower we stepped in to buy but after this quick pop we want our positions to be in accordance with our current worldview on economic growth and oil demand we see china as the major outlier in the coming months as the worlds secondlargest economy reopens from harsh covid restrictions our positions in estee lauder el wynn resorts wynn and starbucks sbux allow us to benefit from that china tailwind in energy we want to consolidate from four stocks to three and devon is the one with we expect to move on from after the exploration and production e  p firms disappointing quarterly results in february  for weeks we said we were waiting for a bounce in the stock to make the sale we are experiencing that bounce now as a reminder club rules prevent us from making a trade in any stock that jim has mentioned on cnbc for 72 hours thats why were unable to sell devon on monday jim cramers charitable trust is long dvn hal ctra and pxd  see here for a full list of the stocks as a subscriber to the cnbc investing club with jim cramer you will receive a trade alert before jim makes a trade jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trusts portfolio if jim has talked about a stock on cnbc tv he waits 72 hours after issuing the trade alert before executing the trade the above investing club information is subject to our terms and conditions and privacy policy  together with our disclaimer  no fiduciary obligation or duty exists or is created by virtue of your receipt of any information provided in connection with the investing club no specific outcome 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