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Oil companies' shares fall on OPEC output cut buzz

Shares of Indian Oil Corporation were down by 0.23 per cent to Rs 125.70 apiece.

PTI|
Updated: Dec 06, 2019, 11.53 AM IST
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Crude oil price shocker
The demand for crude oil and refined products has fallen because of the low seasonal demand.
Shares of oil and gas companies fell on Friday amid reports that OPEC and other major producers will announce fresh output cuts. Oil and Natural Gas Corporation's shares drop 1.39 per cent to Rs 127.35 per unit on the BSE.

Hindustan Petroleum Corporation Ltd (HPCL) saw its stock decline by 0.47 per cent to trade at Rs 264.70 a unit.

Shares of Indian Oil Corporation Ltd (IOCL) were down by 0.23 per cent to Rs 125.70 apiece.

Bharat Petroleum Corporation Ltd (BPCL) scrip slipped 0.20 per cent to Rs 490.50.

Shares of Petronet LNG saw a dip of 0.17 per cent to Rs 271.65.

According to reports, OPEC and Russia along with other producers agreed to one of the biggest output cuts to prevent oversupply in the market.

The demand for crude oil and refined products has fallen because of the low seasonal demand.

As per the reports, the output cut will be applicable only for the first three months of 2020.

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