Some of Thai energy stocks edged higher in this morning session, after the announcement of oil production cuts from Russia and Saudi Arabia, sending oil prices soaring to the year high last night.
At the closing of the morning session, Star Petroleum Refining Public Company Limited (SET: SPRC) led the pack with a THB 0.25 or 2.76% gain, moving the price to THB 9.30 per share.
PTT Exploration and Production Public Company Limited (SET: PTTEP) also THB 4.00 or 2.48%, at the price of THB 165.00 per share.
PTT Public Company Limited (SET: PTT) gained THB 0.50 or 1.44% to THB 35.25 per share.
Thai Oil Public Company Limited (SET: TOP) rose THB 0.50 or 1.03% to THB 49.25 per share.
Meanwhile, IRPC Public Company Limited (SET: IRPC) saw no change as the price remained at THB 2.30 per share.
PTT Global Chemical Public Company Limited (SET: PTTGC) slipped THB 0.25 or 0.68% THB 36.25 per share.
The surge in energy stocks came after The Saudi’s energy ministry official confirmed the voluntary 1 million barrel per day cut will be extended for another three months until the end of this year, according to SPA, the state news agency.
Alexander Novak, Russia’s Deputy Prime Minister, said Russia will voluntarily reduce its oil exports by 0.3 million barrels per day by the end of December 2023 as well.
Both countries will continue to review the market condition monthly. There could be a possibility of either further cuts or a rise in production. These additional cuts are on top of the OPEC cut agreement earlier this year in April which extended to the end of 2024.
