- RE-ITERATE BUY Entry – 0.39 Target – 0.50 Stop Loss – 0.35
- Rex International Holding Limited operates as an independent oil exploration and production company. It operates through Oil and Gas, and Non-Oil and Gas segments. The company offers Rex Virtual Drilling, a liquid hydrocarbon indicator, which uses seismic data to search for oil. The company is involved in the oil and gas exploration and production activities with a focus in Oman and Norway.
- Oil prices to the moon. Brent rose above US$100 per barrel after Putin ordered an attack on Ukraine. The introduction of sanctions by the US and Europe will complicate matters given that Russia is the largest provider of gas in Europe, and about a third of which usually travels through pipelines across Ukraine. More importantly, based on the latest production figures, Russia is the second largest oil producer in the world after Russia.
- Tightening an even together market. Even without the prospect of war, oil supply challenges among exporting countries still threaten to increase the tightness in oil markets and may continue to push prices higher, according to the International Energy Agency.
- Earnings watch. Rex is due to report its full year results on Friday, 25 February 2022. This set of earnings will be closely watched as it will include contributions from the Brage Field in Norway that Rex acquired in 2021.
Oil production by country, Top 5 producers (‘000 barrels per day)
