Shares of leading Thai energy companies climbed in the early session on Monday, buoyed by mild optimism following OPEC+ decisions on production levels.
As of 11:00 a.m., PTT Public Company Limited (SET: PTT) saw its share price rise 1.63%, up THB 0.50 to THB 31.25. PTT Exploration and Production (SET: PTTEP) shares advanced 0.93%, adding THB 1.00 to reach THB 108.00. Meanwhile, IRPC gained 0.87%, rising by THB 0.01 to THB 1.16. Thai Oil (SET: TOP) grew 0.70%, notching up THB 0.25 to THB 36.00 per share.
According to Yuanta Securities (Thailand), OPEC+ decided to increase December’s oil production by 137,000 barrels per day on a month-on-month basis, which aligns with supply adjustments seen during October and November and is broadly in line with market expectations.
Despite this, OPEC+ members recently resolved not to further raise output and to delay new market share allocations in the first quarter of 2026. As cited by Yuanta Securities, this restraint comes amid seasonal weakness in demand and continued concerns about oversupply. Reinforced sanctions from Western nations also remain a barrier for Russia to expand its output.
Market reaction to the recent meeting has thus far been mildly positive for oil prices, with the opening session lifting global benchmarks by approximately 0.6%. This sentiment has particularly benefited upstream oil and refinery stocks such as PTTEP and TOP, creating short-term trading opportunities in the sector, analysts from Yuanta Securities said.
However, the medium-term outlook for oil remains pressured by persistent oversupply issues, with OPEC+ scheduled to reconvene on November 30 to reassess policy.
