A Friday of passion for oil stocks is announced on the European stock exchanges after the last one OPEC summit. In mid-morning the worst declines of the Ftse Mib are those Saipem (-4,44%), Tenaris (-4,03%) And Eni (-3,15%). Bad too Buzzi Unicem (-2,61%) And Prysmian (-2,51%), companies that work with oil companies.
It's no better in the rest of Europe: the French Total, which opened down 5%, dropped 2,9%, while the Spanish Repsol leaves 1,9% in the field. In London, however, Royal Dutch Shell drops by 2,5% and British Petroleum of 2,4%.
The storm broke out the day after OPEC's decision to leave crude oil production unchanged. A move that this morning resulted in a collapse of the Oil prices by almost 7%, with the Brent at 72,06 and the Wti a 68,74 dollars a barrel. The Stoxx 600 sub-index of energy stocks fell by 3,5%.
Three days ago Rosneft announced it will cut its production by 25 bpd amid "market conditions" that have seen crude oil prices drop by about a third since last June.
