Asian Energy Firms Boost Markets on Oil Output Cut Hopes

May 23 РEnergy shares led a broad rally across Asian markets on Monday as oil prices were boosted by growing hopes that an OPEC-led output cut will be extended by another nine months, Economic Times reported.

On Sunday, Saudi Arabia’s energy minister Khalid al-Falih expressed confidence an extension to the agreement could be made, with eyes on a meeting Thursday between OPEC and Russia.

Saudi Arabia, the world’s biggest oil exporter, and Gulf members of OPEC are also fully behind the move, while there is “strong” commitment from Iraq and others, Falih said.

Hong Kong-listed CNOOC jumped 0.8 percent and PetroChina was 1.5 percent up, while Woodside Petroleum piled on 1.9 percent in Sydney with Rio Tinto more than three percent. Japan’s Inpex rose more than one percent.

Source: Economic Times

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