Shares of oil and gas companies slipped on Friday amid reports that OPEC and other major producers will announce fresh output cuts.
Oil and Natural Gas Corporation’s shares drop 1.86 per cent to Rs 126.40 per unit on the BSE at 1407 hours and Hindustan Petroleum Corporation Ltd (HPCL) saw its stock decline by 1.20 per cent to trade at Rs 262.75 a unit.
Shares of Indian Oil Corporation Ltd (IOCL) and Bharat Petroleum Corporation Ltd (BPCL) were down by 1.27 per cent to Rs 124.40 apiece and 1.17 per cent to Rs 485.75 respectively.
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.
(With input from agencies)