OPEC outcome: oil stocks to trade higher
DSIJ Intelligence / 01 Dec 2016
The Indian market may open in green as finally the OPEC meet has come up with an outcome. The OPEC nations have surprised the International markets as they came up with an agreement to cut oil production by 1.2 million a barrel.
The Indian market may open in green as finally the OPEC meet has come up with an outcome. The OPEC nations have surprised the International markets as they came up with an agreement to cut oil production by 1.2 million a barrel. The OPEC also expects producers from outside the group, including Russia, to join with additional cuts totalling 600,000 barrels a day.
The move of freezing the output is anticipated to increase the oil pricing which has slid and declined more than half from mid-2014. However, oil prices will not rise instantly but the process will be gradual and may take almost three to six months to increase.
Meanwhile, watch out for Oil India, ONGC, Petronet LNG, IOC, Reliance. The S&P Oil and Gas index is also expected to open in green. In the last three months, the index has surged 9 per cent.
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