Why Indonesia Energy Shares Are Rising

Indonesia Energy Corp Ltd INDO shares are trading higher by 15.62% to $8.29 Wednesday afternoon amid an increase in the price of oil following reports suggesting OPEC+ has agreed to a 2 million barrel per day output cut.

Why It Matters

This reduction could reverse weeks of declining oil and gas prices, according to Reuters, despite the U.S.'s lobbying to retain current quotas.

The U.S. had promised to buy 200 million barrels from OPEC members to restock its strategic petroleum reserve...Read More

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Indonesia Energy Corp Ltd is an oil and gas exploration and production company focused on Indonesia.

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