The inability to reach an agreement with Russia has resulted in a price war, with top exporter Saudi Arabia slashing crude for April delivery prices by US$4-6 a barrel to Asia and US$7 to the US. These are the largest cuts by Riyadh in the past two decades.
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“If a new production-compliance agreement between Opec and Russia is not reached soon, oil prices could speed down to and possibly through the lowest levels of 2015/2016,” said AxiCorp chief market strategist Stephen Innes.
The local market’s oil-related large caps are having a dismal session
As at 11.15am, conglomerate Keppel Corp slumped S$0.45 or 7.2 per cent to S$5.77 while fellow rig builder Sembcorp Industries plunged S$0.14 or 7.9 per cent to S$1.63.
Sembcorp Industries unit, Sembcorp Marine, traded 9.5 Singapore cents or 9.4 per cent lower at 91.5 cents. Meanwhile, jet fuel trader China Aviation Oil fell S$0.08 or 7.4 per cent to S$1.00.
Among smaller-sector plays, upstream oil and gas counters were most heavily hit.
Rex International lost 4.6 Singapore cents or 26 per cent to 13.1 cents with 77.6 million shares changing hands, the most of the Singapore bourse.
GSS Energy skidded 1.6 Singapore cents or 21.6 per cent to 5.8 cents, while AusGroup dropped 0.8 Singapore cent or 22.2 per cent to 2.8 cents.
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