[Featured Stocks] Oil Refining Stocks Rise on OPEC+ Production Cut Decision

[Asia Economy Reporter Hwang Yoon-joo] Refinery stocks are rising in unison following the news that OPEC+ has decided to cut production.

As of 10 a.m. on the 6th, SK Innovation is trading at 192,000 KRW, up 3.23% (6,000 KRW) from the previous day. S-Oil at 102,500 KRW (+0.99%) and GS at 46,300 KRW (+1.65%) are also rising.

On the 5th (local time), the Organization of the Petroleum Exporting Countries (OPEC) and the OPEC+ coalition, which includes major non-OPEC oil-producing countries such as Russia, announced that they will reduce crude oil production starting in October. The cut will be 100,000 barrels per day, reducing daily crude oil production to approximately 43.85 million barrels.

OPEC+ decided to cut production based on the expectation that oil consumption will decrease in the second half of the year. Alexander Novak, Russia's Deputy Prime Minister in charge of energy, explained, "The decision to cut production was made due to the slowdown in global economic growth."