G7 releases 100 million barrels of crude; OPEC+ holds output target

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Summary · why it matters

The G7 nations have agreed to release a combined 100 million barrels of crude oil and diesel onto the market. The measure takes effect immediately and will remain in force for four months, and includes the release of a large volume of diesel within 20 days, with further discussions on additional diesel releases if necessary. It remains unclear how much of the volume in this new agreement will come from the 400 million barrels announced by the International Energy Agency. France proposed that European countries release 50 million barrels of diesel and that IEA members release 50 million barrels of crude. Meanwhile, an online meeting of seven OPEC+ members decided to hold the November 2026 oil production target unchanged for a second consecutive month, after raising the target by 188,000 barrels per day in September 2026. Saudi Arabia cut its official selling price for Arab Light crude for November 2026 delivery to Asian customers to 5.0 dollars per barrel, below the Oman and Dubai average, compared with 3.0 dollars per barrel in October 2026. Dao Securities holds a negative view on the oil business, both upstream and refining, given this news and the short-term outlook for crude prices, but is neutral on the medium-term picture. It maintains an "equal weight" investment rating for the energy sector, with recommendations of PTTEP at buy with a target of 180.00 baht, TOP at hold with a target of 70.00 baht, SPRC at hold with a target of 12.00 baht, and BCP at hold with a target of 50.00 baht.

Impact on assets 7

Energy▼ · 2 stocks
Star Petroleum Refining Co Ltd
SPRC
▼ NegativeSupplyrelevance

G7 release of crude and diesel and Saudi OSP cut pressure refining margins; Dao Securities is negative on refining, rating SPRC hold.

Energy Transition & Power Demand▼ · 2 stocks
Others▲ · 3 stocks
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