On Friday at 10:31 AM (Bangkok time), the share price of PTT Exploration and Production Public Company Limited (SET: PTTEP) slumped by 6.06% or THB 7.00 to THB 108.50, with a trading value of THB 993.34 million.
IRPC Public Company Limited (SET: IRPC) dropped by 4.40% or THB 0.04 to THB 0.87, with a trading value of THB 9.72 million.
Star Petroleum Refining Public Company Limited (SET: SPRC) fell by 3.74% or THB 0.20 to THB 5.15, with a trading value of THB 11.83 million.
Thai Oil Public Company Limited (SET: TOP) lost 3.60% or THB 0.90 to THB 24.10, with a trading value of THB 350.29 million.
Gulf Development Public Company Limited (SET: GULF) declined by 4.10% or THB 2.00 to THB 46.75, with a trading value of THB 1.50 billion.
KGI Securities stated that the agreement by eight OPEC+ member countries to increase crude oil production by 411 KBD (411,000 bpd) in May accelerates the initially planned production and exerts downward pressure on crude oil prices.
According to CNBC, the decision to boost production is equivalent to three times the initial plan of increasing by 138 KBD per month. However, OPEC+ further mentioned that the gradual production increase could be suspended or reversed, depending on changing market conditions.
As WTI crude oil prices plummeted by 6% to approximately US$67 per barrel on Thursday, KGI anticipates PTTEP and PTT to be affected by this news. The analyst gives ‘Neutral’ recommendations for both stocks with 2025 target prices set at THB 140 and THB 34 per share, respectively.
Maybank Securities noted that Brent crude prices sharply declined by 6.4% on Thursday due to supply uncertainties from OPEC+’s agreement to increase production by 411,000 barrels per day in May, which is significantly higher than the original plan to increase by 140,000 barrels. Combined with the risk to global economic growth from tariff barriers, this is expected to put pressure on Thai energy stocks such as PTTEP, TOP, and SPRC.
