Shares of California Resources Corp. (CRC) soared 44 percent Wednesday as hopes of higher prices revived the entire oil sector.

The Organization of Petroleum Exporting Countries, or OPEC, agreed to cut production by 1.2 million barrels a day by January. In response, oil futures rose and most oil-sector stocks followed suit.

California Resources in Chatsworth is the largest oil and natural gas production company in California on a gross-operated basis.

Shares gained $5.35 or 44.4 percent to close at $17.40 on the New York Stock Exchange.