Why Indonesia Energy Shares Are Rising

Shares of small-cap penny stock Indonesia Energy Corp Ltd INDO are trading higher by 49.5% at $11.48. The stock has also been trending amid retail investors on social media. Shares of energy and oil companies at large are also trading higher amid a gain in oil after Saudi Arabia suggested OPEC+ could make output cuts to support prices.

Energy names, including Indonesia Energy, have also seen marked volatility in 2022 amid the Russia-Ukraine conflict, which has lifted oil and gas prices due to supply concerns.

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Indonesia Energy is an oil and gas exploration and production company focused on Indonesia. Its portfolio consists of Kruh Block and Citarum Block. The company generates its revenue from oil and gas sales.

According to data from Benzinga Pro, Indonesia Energy has a 52-week high of $86.99 and a 52-week low of $2.61.