How are ASX oil shares faring as Saudi, UAE struggle to up production?

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How are ASX oil shares faring as Saudi, UAE struggle to up production?

 How are ASX oil shares faring as Saudi, UAE struggle to up production?
Image source: © Rizami | Megapixl.com

Highlights

  • Oil prices rose for the third day on Tuesday.

  • Both WTI and Brent crude closed over 1%.

  • As of now, tight oil supply is a concern for the world.

Oil prices closed higher on Tuesday as both United Arab Emirates (UAE) and Saudi Arabia – the two leading oil producers – appeared unlikely to boost tight supplies as West looked at ways to cap Russian oil prices. The prices of oil surged for the third day and both US West Texas Intermediate (WTI) and Brent crude settled over 1% on Tuesday.

UAE energy minister clearly said that the country was producing at its maximum capacity.

Meanwhile, G7 leaders are looking at how to control surging energy prices and replace Russian oil and gas imports. G7 nations may look at a possibility of introducing a price cap on oil exports from Russia in order to stifle Moscow’s revenues.

As of now, tight oil supply continues to be a global concern. The series of muted economic data from the US has already triggered these concerns.

On this note, let’s look at how shares of a few leading ASX-listed oil companies are faring today:

Woodside Energy Group Ltd (ASX:WDS)

By 11:37 AM (AEST), Woodside Energy’s shares were trading at AU$32.44, down 0.75%. The shares have risen over 43% on a year-to-date (YTD) basis. In the past year, the stock has risen over 45%, while in the past one month, the stock has gained more than 7%.

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Santos Ltd (ASX:STO)

By 11:37 AM (AEST), Santos shares were trading at AU$7.54, down 0.53%. The shares have risen over 14% on a YTD basis. In the past year, the stock has risen over 4%, while in the past month, the stock has dropped more than 8%.

Beach Energy Ltd (ASX:BPT)

By 11:37 AM (AEST), Beach Energy’s shares were trading at AU$1.80, up 1.70%. The shares have risen over 37% on a YTD basis. BPT shares have gained over 42% in the past year and over 9% in the past month.

Karoon Energy Ltd (ASX:KAR)

By 11:37 AM (AEST), Karoon Energy’s shares were trading at AU$1.82, down 2.42%. The stock has risen over 3% on a YTD basis. In the past year, the stock has racked up over 36% gains while in the past month, the stock has dropped more than 11%. 

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BHP Group Ltd (ASX:BHP)

By 11:37 AM (AEST), BHP shares were trading at AU$42.60, down 0.88%. The share has risen over 0.5% on a YTD basis. In the past year, the stock has fallen over 11%, while in the past month, the stock has dropped more than 5%.

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