Shares of some oil and gas companies, including Oil and Natural Gas Corporation (ONGC) and Oil India, were trading in the green on Monday, ahead of the Organization of the Petroleum Exporting Countries (OPEC) and its allies’ meeting due later in the day where a discussion on output cuts is expected to be on the table.
Oil prices jumped more than $1 a barrel to $95 a barrel as investors on the Street expect OPEC+ producers to tweak production and support prices.
| Stock | Change (%) |
| ONGC | 0.30% |
| Oil India Limited | 1.42% |
| Reliance | 0.97% |
| BPCL | -0.09% |
| Indian Oil Corporation | -0.07% |
| Gujarat Gas | 0.34% |
| Mahanagar Gas Limited | -0.56% |
| Indraprastha Gas | 0.28% |
| Hindustan Petroleum | 0.31% |
| Source: BSE | |
According to a Reuters report, OPEC+ may decide to keep current output levels or even cut production to bolster prices, despite supplies remaining tight.
"While we expect the group to keep output unchanged, the rhetoric may be bullish as it looks to arrest the recent fall in prices," ANZ analysts said in a note.
The Wall Street Journal reported that the meeting comes at a time when Russia does not support an oil production cut, and OPEC+ will likely keep its output steady.
Meanwhile, on Friday, Russian energy giant Gazprom said it couldn't resume the supply of natural gas through a key pipeline to Germany for now as it needed urgent maintenance work to repair key components. This came just hours before it was due to restart deliveries.
The Russian state-run energy company had shut down the Nord Stream 1 pipeline on Wednesday for what it said would be three days of maintenance.
