Three of PTT’s stocks fell in the morning session on March 9, due to the plummet of oil prices by 30% after Russia retreated from OPEC’s oil-cut agreement.
As of 10:20 local time in Thailand, the share price of PTT Public Company Limited (PTT) fell ฿7.25/share or 19.33% to ฿30.25/share. The highest price since the opening was ฿31.50/share and the lowest at ฿26.75/share with a trading value of 5.88 billion baht.
PTT Exploration and Production Public Company Limited (PTTEP) fell ฿27.25/share or 25.59% to ฿79.25/share. The highest price since the opening was ฿79.50/share and the lowest at ฿76.25/share with a trading value of 2.26 billion baht.
PTT Global Chemical Public Company Limited (PTTGC) fell ฿8.00/share or 18.93% to ฿34.25/share. The highest price since the opening was ฿35.25/share and the lowest at ฿30.00/share with a trading value of 817 million baht.
The plummet in the Thai stock market was due to OPEC failing to reach an agreement with Russia in oil production cut last Friday and the latter was reported to pump oil output after the deal expires at the end of this month, sparking fears across the globe of a price war.
In the morning session, Brent Future plunged 30% to $31.02/bbl, the lowest level since February 2016. Meanwhile, WTI slumped 27% to $30/bbl, the lowest level since February 2016 as well.
Later on Saturday, Saudi Arabia, the second oil producer after the U.S., announced massive discounts to its official oil selling prices for April, and it was reportedly preparing to hike the production beyond 10 million barrel per day (bpd).
Saudi currently produces 9.7 million bpd, but the actual capacity of the country can pump up to 12.5 million bpd.