European Oil Stocks Rise After OPEC+ Production Cut
April 03 2023 - 4:06AM
Dow Jones News
By Adria Calatayud
Shares in European oil companies rose in early trade Monday
after a group of large oil producers led by Saudi Arabia said they
would cut output, boosting crude prices.
At 0732 GMT, shares in Shell PLC, BP PLC and TotalEnergies SE
had gained more than 4%. Galp Energia SGPS SA rose more than 5% and
Eni SpA more than 3%, while Repsol SA and OMV AG traded more than
2% higher.
Members of the OPEC+ group said Sunday that they would cut more
than a million barrels of output a day starting next month, a move
that triggered a jump in oil prices.
Analysts at Citi said in a research note that larger oil names
such as Shell and BP would likely benefit the most should investors
decide to increase their exposure to the sector as a result of the
production cuts.
Write to Adria Calatayud at adria.calatayud@dowjones.com
(END) Dow Jones Newswires
April 03, 2023 03:51 ET (07:51 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
Repsol (QX) (USOTC:REPYY)
Historical Stock Chart
From Oct 2024 to Nov 2024
Repsol (QX) (USOTC:REPYY)
Historical Stock Chart
From Nov 2023 to Nov 2024
