Shell, Eni and other energy stocks to gain as OPEC might extend cuts


The share price of Royal Dutch Shell, Italy’s Eni and other oil majors might be gaining more on various exchanges as OPEC is looking at extending its volume cuts beyond March 2018.

This scenario looks more likely as Russian Energy Minister Alexander Novak held talks with Saudi King Salman on Thursday after which he said that a global deal between OPEC and other countries to cut oil output could be extended beyond March 2018 if needed, TASS news agency reported.

According to Reuters News Novak was cited as saying he had discussed the deal with King Salman and that the idea of a possible extension would be discussed at an OPEC meeting in late November though any decision could be taken later.

As at the time of writing this report, oil price Brent was trading at USD60 per barrel, although it has fallen today by about USD0.28, the price has been predicted by analysts to stay at the USD60 per barrel mark.

As at the time of writing this report, the share price of Shell traded at EUR27.14 per share rising by EUR0.14 in the last 24 hours, this is a 0.54% in the last 24 hours.

Share price of Chevron Corporation, a close competitor to Shell traded at USD 115.90 per share, the share price has gained USD0.01 per share so far.

It is not clear if Nigeria, the six largest oil producer will also be required to join the cuts.

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