Oil companies' shares fall on OPEC output cut buzz

Shares of oil and gas companies fell on Friday amid reports that OPEC and other major producers are looking to finalise a deal to cut production. Oil and Natural Gas Corporation's shares fell 1.71 per cent to Rs 126.60 per unit on the BSE and 1.86 per cent to Rs 126.50 on the NSE.

Hindustan Petroleum Corporation Ltd (HPCL) saw its stock decline by 1.09 per cent to Rs 263.05 a unit on the BSE and 0.71 per cent on the NSE to Rs 264. Shares of Indian Oil Corporation Ltd (IOCL) were down by 1.39 per cent to Rs 124.25 apiece on the BSE and 1.23 per cent on the NSE to Rs 124.40.

Bharat Petroleum Corporation Ltd (BPCL) scrip slipped 0.65 per cent to Rs 488.30 on the BSE and 0.59 per cent on the NSE to Rs 488.95. Shares of Petronet LNG saw a dip of 1.47 per cent to Rs 268.10 on the BSE and 1.61 per cent on the NSE to Rs 268.05.

According to reports, OPEC and Russia along with other producers were attempting Friday to finalize a deal to cut production in an attempt to support the price of fuel and energy around the world.