Santos Limited (ASX: STO), a major player in the Australian energy sector, saw its stock price plummet by 5.18% in Friday's trading session. This significant drop comes amid a broader selloff in energy stocks, triggered by a dramatic crash in global oil prices.
The sharp decline in Santos' share price can be directly attributed to the overnight crash in oil prices. According to market data, WTI crude oil prices plunged 6.9% to US$66.78 a barrel, while Brent crude oil prices fell 6.6% to US$70.00 a barrel. This substantial drop in oil prices has sent shockwaves through the energy sector, affecting major oil and gas companies worldwide.
The catalyst for this oil price crash appears to be news that OPEC (Organization of the Petroleum Exporting Countries) is accelerating its output increases. This unexpected move by OPEC has raised concerns about potential oversupply in the global oil market, leading to the steep decline in crude oil prices. As Santos' operations and profitability are closely tied to oil prices, the company's stock has taken a significant hit in response to this market development.
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