1 Oil Stock to Buy as OPEC and Russia Stand "Shoulder to Shoulder"

1 Oil Stock to Buy as OPEC and Russia Stand "Shoulder to Shoulder"

OPEC and Russia have done it again: They have extended production cuts until the end of 2018. This is being done to drain the market of its excess inventories following their (arguably) failed attempt to kill the U.S. shale industry. This is crucial for oil stocks like Diamondback Energy (NASDAQ: FANG) -- one of the best in the shale business that has only gotten more efficient at producing black gold.

The move goes to show just how desperately the players need higher oil prices. To that end, the Saudi Arabian energy minister didn't hold back regarding his country's newfound relationship with Russia: "We are united, shoulder to shoulder."

Image source: Getty Images.

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Source: Fool.com