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Nifty Oil & Gas trades higher after OPEC lowers oil demand outlook for 2021; RIL, HPCL, Oil India, Gujarat Gas lift the index

OPEC revised the world oil demand growth outlook in 2021 by around 0.16 mb/d, compared to last month’s assessment, to stand at 5.7 mb/d.

November 12, 2021 1:15 IST | India Infoline News Service
Oil and gas stocks were in focus on Friday after the OPEC downgraded world oil demand outlook for 2021 citing slower than anticipated demand from China and India in 3Q21. The Nifty Oil & Gas traded higher despite the downgrade in the oil demand with heavyweight Reliance Industries lifting the index majorly. Corporate earnings season led to playing positively for the sector.

The Nifty Oil & Gas index has hovered between an intraday high and low of 8,040.15 and 7,982.40 respectively. At around 1.05 pm, the index was trading at 8,029.15 up 56.20 points or 0.7%. On the index, 10 scrips advanced while 5 scrips declined.

Oil India was the top gainer soaring by nearly 3% after Q2 earnings. Gujarat Gas surged nearly 2%, while HPCL jumped 1.5%.

Index heavyweight RIL soared by more than 1.2%.

Adani Total Gas advancing 0.9%, while ONGC and BPCL zooming 0.7% and 0.6% respectively. MGL jumped over 0.5%.

Indraprastha Gas was marginally up, while Petronet LNG traded flat but in green.

On the other hand, GAIL was the top bear tumbling by 1% followed by Castrol India slipping 0.8%. MRPL and Indian Oil shed 0.5% each. GSPL down 0.4%.

On Thursday, OPEC revised the world oil demand growth outlook in 2021 by around 0.16 mb/d, compared to last month’s assessment, to stand at 5.7 mb/d. Revisions were mainly to account for slower than anticipated demand from China and India in 3Q21.

That said, OPEC estimates global oil demand to reach 96.4 mb/d in 2021. For 2022, growth in global oil demand remains unchanged compared to the previous month’s assessment, to stand at 4.2 mb/d.

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