Oil prices have rallied after US President Donald Trump claimed that he expected Saudi Arabia and Russia to substantially cut their oil production after speaking with the leaders of both countries.
In yet another of his often controversial tweets on Twitter, President Trump said he expected the two countries to cut oil production by about 10 million barrels, or about 10 per cent of normal global consumption.
https://twitter.com/realDonaldTrump/status/1245720677660925952
He later added that the cut could be as high as 15 million barrels.
While the US president’s tweets often draw disbelief, there might be some truth behind the latest announcement after state-run Saudi Press Agency reported that the kingdom had called for an urgent meeting of Organization of the Petroleum Exporting Countries and other countries to reach “a fair agreement to restore the desired balance of oil markets”.
Somewhat predictably, a spokesperson for Russian President Vladimr Putin denied that there were any conversations between the two leaders.
Regardless of how valid President Trump’s comments were, they sent the benchmark West Texas Intermediate crude up about 25 per cent to a high of $US24.96 ($41.18) per barrel.
Likewise, the Brent crude benchmark, which prices about two thirds of the world’s internationally traded crude oil supplies, is up more than 20 per cent to $US29.94 per barrel.
This news is likely to be welcome by US shale oil producers.
Markets were also bolstered by the claim, with the US S&P 500 rising more than 2 per cent while the local S&P ASX Energy index is up 5.17 per cent to 6,683.3 points.
READ: Offshore oil and gas now feeling the pain of low prices
Here are how the small cap oil and gas players on the ASX performed:
CODE | COMPANY | PRICE | % CHANGE (1 Week) | MARKET CAP |
---|
88E | 88 ENERGY LTD | 0.018 | +8.33% | $ 127,973,440.00 |
ABL | ABILENE OIL AND GAS LTD | 0.001 | +0.00% | $ 397,614.34 |
ADX | ADX ENERGY LTD | 0.005 | +0.00% | $ 8,519,716.00 |
AJQ | ARMOUR ENERGY LTD | 0.037 | -2.70% | $ 21,852,272.00 |
ANA | ANSILA ENERGY NL | 0.005 | +0.00% | $ 2,543,860.75 |
ATS | AUSTRALIS OIL & GAS LTD | 0.021 | +47.62% | $ 20,705,238.00 |
BAS | BASS OIL LTD | 0.001 | +50.00% | $ 3,342,140.00 |
BLU | BLUE ENERGY LTD | 0.016 | +6.25% | $ 21,231,244.00 |
BNL | BIG STAR ENERGY LTD | 0.004 | +0.00% | $ 2,934,989.00 |
BRK | BROOKSIDE ENERGY LTD | 0.004 | +0.00% | $ 4,028,000.00 |
BRU | BURU ENERGY LTD | 0.075 | +5.33% | $ 32,405,568.00 |
BUY | BOUNTY OIL & GAS NL | 0.006 | +0.00% | $ 5,720,406.00 |
BYE | BYRON ENERGY LTD | 0.12 | +16.67% | $ 97,309,232.00 |
CE1 | CALIMA ENERGY LTD | 0.003 | +33.33% | $ 6,466,716.50 |
COI | COMET RIDGE LTD | 0.054 | +11.11% | $ 42,606,000.00 |
CRM | CARBON MINERALS LTD | 0.3 | +0.00% | $ 5,641,047.00 |
CTP | CENTRAL PETROLEUM LTD | 0.075 | +5.33% | $ 54,229,292.00 |
CUE | CUE ENERGY RESOURCES LTD | 0.077 | +6.49% | $ 53,755,220.00 |
CVN | CARNARVON PETROLEUM LTD | 0.15 | +13.33% | $ 234,656,992.00 |
E2E | EON NRG LTD | 0.001 | +0.00% | $ 769,888.94 |
EEG | EMPIRE ENERGY GROUP LTD | 0.19 | +0.00% | $ 50,024,844.00 |
EMP | EMPEROR ENERGY LTD | 0.018 | +0.00% | $ 1,468,502.38 |
ENX | ENEGEX LTD | 0.007 | +0.00% | $ 563,498.19 |
EXR | ELIXIR ENERGY LTD | 0.02 | +0.00% | $ 10,017,414.00 |
FAR | FAR LTD | 0.013 | +15.38% | $ 129,724,792.00 |
FPL | FREMONT PETROLEUM CORP LTD | 0.003 | +0.00% | $ 5,005,006.00 |
FZR | FITZROY RIVER CORP LTD | 0.18 | +0.00% | $ 15,545,412.00 |
GAS | STATE GAS LTD | 0.39 | +2.56% | $ 57,030,484.00 |
GBP | GLOBAL PETROLEUM LTD | 0.012 | +0.00% | $ 2,431,835.00 |
GEV | GLOBAL ENERGY VENTURES LTD | 0.067 | -2.99% | $ 25,877,290.00 |
GGE | GRAND GULF ENERGY LTD | 0.003 | +0.00% | $ 1,151,248.38 |
GGX | GAS2GRID LTD | 0.0015 | +0.00% | $ 2,068,495.50 |
GLL | GALILEE ENERGY LTD | 0.48 | +14.58% | $ 130,296,496.00 |
GLV | GLOBAL OIL & GAS LTD | 0.001 | +0.00% | $ 3,129,480.00 |
GRV | GREENVALE ENERGY LTD | 0.012 | +0.00% | $ 1,274,550.00 |
HE8 | HELIOS ENERGY LTD | 0.092 | +5.43% | $ 141,686,544.00 |
HPR | HIGH PEAK ROYALTIES LTD | 0.09 | +0.00% | $ 17,006,076.00 |
HZN | HORIZON OIL LTD | 0.046 | +8.70% | $ 59,891,140.00 |
ICN | ICON ENERGY LIMITED | 0.006 | +0.00% | $ 3,585,341.75 |
IPB | IPB PETROLEUM LTD | 0.011 | +0.00% | $ 2,537,037.25 |
IVZ | INVICTUS ENERGY LTD | 0.014 | +0.00% | $ 6,288,719.00 |
JPR | JUPITER ENERGY LTD | 0.004 | +0.00% | $ 613,510.75 |
KAR | KAROON ENERGY LTD | 0.49 | +9.18% | $ 270,962,496.00 |
KEY | KEY PETROLEUM LTD | 0.002 | +0.00% | $ 3,422,483.75 |
KPE | KINA PETROLEUM CORP | 1.1 | +0.00% | $ 14,098,469.00 |
LCK | LEIGH CREEK ENERGY LTD | 0.094 | +2.13% | $ 54,545,288.00 |
LIO | LION ENERGY LTD | 0.017 | +0.00% | $ 3,525,830.50 |
LNG | LIQUEFIED NATURAL GAS LTD | 0.095 | +5.26% | $ 54,783,380.00 |
MAY | MELBANA ENERGY LTD | 0.0035 | -14.29% | $ 8,108,980.00 |
MEL | METGASCO LTD | 0.02 | +0.00% | $ 7,812,028.50 |
NGY | NUENERGY GAS LTD | 0.011 | +0.00% | $ 16,290,510.00 |
NWE | NORWEST ENERGY NL | 0.003 | +0.00% | $ 14,203,401.00 |
OEL | OTTO ENERGY LTD | 0.005 | +10.00% | $ 13,457,870.00 |
OEX | OILEX LTD | 0.001 | +200.00% | $ 3,426,319.00 |
OXX | OCTANEX LTD | 0.007 | +0.00% | $ 1,908,990.63 |
PCL | PANCONTINENTAL OIL & GAS NL | 0.001 | +0.00% | $ 5,406,715.50 |
PGY | PILOT ENERGY LTD | 0.012 | +0.00% | $ 953,647.69 |
PRM | PROMINENCE ENERGY LTD | 0.001 | +0.00% | $ 1,319,557.63 |
PSA | PETSEC ENERGY LTD | 0.021 | +0.00% | $ 8,370,346.50 |
PVE | PO VALLEY ENERGY LTD | 0.044 | +0.00% | $ 28,480,588.00 |
REY | REY RESOURCES LTD | 0.215 | +0.00% | $ 45,614,496.00 |
RLE | REAL ENERGY CORP LTD | 0.016 | +0.00% | $ 5,651,106.00 |
RMP | RED EMPEROR RESOURCES NL | 0.008 | +0.00% | $ 4,202,342.00 |
ROG | RED SKY ENERGY LTD | 0.001 | +0.00% | $ 1,626,183.25 |
SAN | SAGALIO ENERGY LTD | 0.002 | +0.00% | $ 409,320.25 |
SGC | SACGASCO LTD | 0.01 | +0.00% | $ 2,704,190.00 |
SHE | STONEHORSE ENERGY LTD | 0.006 | +0.00% | $ 2,403,748.25 |
STX | STRIKE ENERGY LTD | 0.12 | +0.00% | $ 204,749,808.00 |
SXY | SENEX ENERGY LTD | 0.155 | +6.45% | $ 225,826,768.00 |
TAP | TAP OIL LTD | 0.072 | +0.00% | $ 30,811,914.00 |
TDO | 3D OIL LTD | 0.051 | +0.00% | $ 13,524,607.00 |
TEG | TRIANGLE ENERGY GLOBAL LTD | 0.027 | +22.22% | $ 9,740,349.00 |
TMK | TAMASKA OIL & GAS LTD | 0.006 | +0.00% | $ 5,340,000.00 |
TNP | TRIPLE ENERGY LTD | 0.008 | +0.00% | $ 575,968.44 |
TOU | TLOU ENERGY LTD | 0.039 | -10.26% | $ 17,557,028.00 |
TPD | TALON PETROLEUM LTD | 0.001 | +0.00% | $ 1,776,789.50 |
VEN | VINTAGE ENERGY LTD | 0.049 | +0.00% | $ 13,063,028.00 |
WBE | WHITEBARK ENERGY LTD | 0.003 | +0.00% | $ 9,120,649.00 |
WEL | WINCHESTER ENERGY LTD | 0.018 | +5.56% | $ 12,376,964.00 |
WGO | WARREGO ENERGY LTD | 0.1075 | +11.63% | $ 76,227,368.00 |
XCD | XCD ENERGY LTD | 0.004 | +25.00% | $ 2,798,915.75 |
XST | XSTATE RESOURCES LTD | 0.001 | +0.00% | $ 1,425,490.88 |
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