The reduction by Opec will be "1.2mn barrels per day, to bring its ceiling to 32.5mn barrels per day," HE Dr Mohamed bin Saleh al-Sada told a news conference in Vienna. He said that non-member Russia has committed to reducing its output by 300,000 barrels per day, half of a hoped-for 600,000 barrels per day from outside the cartel.
I think this stock would provide the best exposure to the turnaround of the malaysia o&g industry. The financials are strong (cash flow positives), newer assets and being backed by a strong shareholder with deep pockets (ekuinas).
(Icon; Code: 5255) never had it easy shortly after its maiden listing on the Main Market under the trading/services sector on June 25, 2014.
The shares debuted at RM2.10 against an initial public offer (IPO) of RM1.85 and rallied to a high of RM2.19 on the same day. Soon, prices reversed trend in the wake of selling, pulling Icon below its IPO price for the first time on July 9, 2014.
Thereafter, Icon was on the downward spiral on persistent liquidation pressure, touching an all-time low of 25 sen.
Since finding a shelter on Aug 25, 2015, this stock traded range-bound on consolidation, viewed as base building process.
Based on the daily chart, nothing has changed. Although Icon appears to have found the bottom, it is still trapped inside the relatively wide “rectangular box” on extended correction process and continuing to construct a solid platform for recovery.
But with crude oil prices spiking on renewed buying after Organisation of the Petroleum Exporting Countries (Opec) reached a deal to limit output, Icon, which is an oil and gas-related counter, may firm in the short-term, riding on the strength of the black commodity.
Initial resistance is anticipated at the 40 sen mark. A decisive breakout of the upper heavy barrier of 45.5 sen will signal a bullish turnaround and investors are advised to look out for that.
Azerbaijan, Kingdom of Bahrain, Brunei Darussalam, Equatorial Guinea, Kazakhstan, Malaysia, Mexico, Sultanate of Oman, the Russian Federation, Republic of Sudan, and Republic of South Sudan commit to reduce their respective oil production, voluntarily or through managed decline, in accordance with an accelerated schedule. The combined reduction target was agreed at 558,000 barrels a day for the aforementioned producers.
I'll continue buying if oil price continue go up. Once u sold, u can't get back at this price. Later u may even buy back at higher price. Petronas may adjust the charter rate higher next year if oil price stay above US$55 The ICON should start making a lot of profit.
Election is coming. Tabung Haji, PNB & EPF need a lot of $$ to support government for Election. They need push the stock market price up to get voter confident. 2017 is going to be a very good year for oil and Gas stocks.
ANZ bank said on Thursday that oil markets would move into a substantial deficit in the first quarter of 2017 if the Organization of the Petroleum Exporting Countries (OPEC) and other producers led by Russia go through with their announced cuts of almost 1.8 million barrels per day (bpd) in output.
"This will likely push oil prices well above US$60 per barrel early next year," it said.
definitely good company to invest mid/long term & with 'big' investors is still keeping their stock.. buy while it's still affordable. It has been long ~3years of down cycles for O &G and let see if can reach USD60..
this will test the CEO whether he could bring in more contracts when the oil & gas turnaround, no more excuses if the oil price is back at USD 60-70...
in the first place, doctor gigi should not have been appointed to run oil& gas company this was a mistake. now new CEO and management with suitable experience...
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Hunter Cho
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Posted by Hunter Cho > 2016-11-30 20:33 | Report Abuse
just stick with profit making company during this low price when prices move up, this company will do more growth