Woodside Energy retreats as OPEC+ eyes higher output
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The news: Oil giant Woodside Energy was one of the biggest losers on the ASX 200 after the Organization of the Petroleum Exporting Countries and its partners (OPEC+) agreed to ramp up oil output from October.
The numbers: Woodside shares were down 3.6% to $24.76 at 12:15pm AEST. The stock is up 3.1% over the last 12 months.
Fellow oil producers Karoon Energy (-2.4%), Beach Energy (-1.9%) and Santos (-1.5%) also saw declines. Energy, down 2.1%, was the worst performing sector as the ASX 200 lowered 0.4%.
Global price benchmarks Brent and West Texas Intermediate were both up around 1.2% to USD66.26 ($101) and USD62.59 per barrel respectively.
The context: OPEC+ agreed in principle to increase production again in October, with key group members saying they expect to approve adding about 137,000 barrels.
An October increase will start the return of 1.66 million barrels a day of cuts that were scheduled to remain in place until the end of 2026.
The source: Bloomberg
