Shares in PTT Group Edge Higher in Response to a Significant Jump in Oil Price Last Night
Shares in PTT Group Edge Higher in Response to a Significant Jump in Oil Price Last Night and the Resolution of OPEC+ to Maintain Output.
The share price of PTT group rose in the morning session on Tuesday after OPEC and its allies agreed to maintain its output, while Saudi Arabia pledged a voluntary oil production cut of 1 million bpd beyond the required OPEC+ quotas in February and March.
As of 10:37 local time in Thailand on Wednesday, the share price of PTT Public Company Limited (PTT) rose ฿1.00/share or 2.38% to ฿43.00/share with a trading value of 1,122 million baht.
The share price of PTT Exploration and Production Public Company Limited (PTTEP) increased ฿5.50/share or 5.50% to ฿105.50/share with a trading value of 1,518 million baht.
The share price of PTT Global Chemical Public Company Limited (PTTGC) gained ฿1.75/share or 2.93% to ฿61.50/share with a trading value of 1,268 million baht.
On Tuesday, the Organization of the Petroleum Exporting Countries (OPEC) and its allies, widely known as OPEC+, agreed to raise output slightly in February and March.
Most OPEC+ producers will hold production steady in the face of new coronavirus lockdowns and two members, Russia and Kazakhstan, will be allowed to boost their output by a modest combined 75,000 barrels per day (bpd) in February and a further 75,000 bpd in March, according to a statement issued by the group at the end of its first ministerial meeting of the year.
Meanwhile, Saudi Arabia pledged a voluntary oil production cut of 1 million bpd beyond the required OPEC+ quotas in February and March.
In the December meeting, OPEC+ agreed to increase oil production by 500,000 barrels per day from January, putting its current cuts at 7.2 million bpd.