PTTEP Snaps 7-Day Losing Streak to Settle 2.5% Higher on Speculation of OPEC+ Production Cut

The share price of PTT Exploration and Production Public Company Limited (SET: PTTEP) closed the evening session on October 3 at 164.50 per share, increased 4.00 baht or 2.49%. The highest was at 166.50 per share, and the lowest at 162.00 per share.

PTTEP’s share price rebounded from 7-day decline after the West Texas Intermediate (WTI) November contract increased $2.59 or 3.26% to $82.08 per barrel, which was driven by the report of OPEC+ considering an output cut by more than 1 million bpd on Wednesday’s meeting.

Earlier, Reuters cited its sources that OPEC+, including Russia, could reduce its oil production of 500,000 to 1 million barrels per day to support the oil market.