Energy stocks in Thailand advanced as crude oil price rallied after OPEC+ announced to gradually increase output despite higher demand and price.
The Organization of the Petroleum Exporting Countries (OPEC) and its allies Russia collectively known as OPEC+ announced it would gradually increase oil production.
OPEC+ earlier agreed to rise production each month by 400,000 barrels/day (bopd) until April next year and thereafter increasing monthly production by 432,000 bopd. The alliance ignored U.S, China and India’s call for raising output.
Following gradual global economic recovery and supply disruption due to storms in the U.S Gulf coast added to the soaring oil price over the last month. Shortage of natural gas also sparked inflationary pressure in global economies which is only about to get worse as colder months approaches. European gas price surged over 500% in the past year and trading at record high.
WTI crude oil hit 7 year high overnight and Brent Crude oil at $81.86/barrel up by 0.73%.
Thai energy stocks PTT Exploration & Production (PTTEP TB) surged as much as 2.00% with Bangchak Corp. (BCP TB) surging to 2.7% in today’s trading session. The SET Energy and Utility index leading the overall index surging up by 55.83%.