Thai crude stocks posted a gain in early trading on Wednesday after OPEC+ agreed on 400,000 bpd output increase for February.
As of 11.40 hrs. local time in Thailand, the share price of Thai Oil Public Company Limited (SET: TOP) rose THB2.50/share or 5.00% to THB52.50/share, with a trading value of THB747 million.
The share price of Star Petroleum Refining Public Company Limited (SET: SPRC) rose THB0.55/share or 5.58% to THB10.40/share, with a trading value of THB316 million.
The share price of PTT Public Company Limited (SET: PTT) rose THB1.00/share or 2.63% to THB39.0/share, with a trading value of THB2,230 million.
The share price of PTT Exploration and Production Public Company Limited (SET: PTTEP) rose THB1.50/share or 1.26% to THB121.00/share, with a trading value of THB1,735 million.
OPEC and its allies said on Tuesday they have agreed to keep their policy of moderately expanding oil production in February by 400,000 barrels per day, since the rapidly spreading Omicron strain has so yet not significantly affected demand.
Asia Wealth Securities (AWS) recommends short-term speculation on Oil play stocks, choosing PTTEP, PTT and SPRC. Crude oil prices have responded positively from the OPEC+ meeting with the previous agreement to increase oil production by 400,000 barrels per day in February, as Market Consensus had previously expected.
