Shares in Australia’s oil producers are being pounded amid tumbling crude prices and a decision by OPEC’s oil ministers to maintain production targets.
At 1015 AEDT, Santos had tumbled by $1.13, or 9.8 per cent, to $10.48, while the nation’s biggest oil producer Woodside Petroleum had fallen by $1.77, or 4.6 per cent, to $36.74.
PNG-focused Oil Search had lost 71 cents, or 8.38 per cent, to $7.76 while Origin Energy had given up 68 cents, or 5.28 per cent, to $12.475.
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OPEC oil ministers overnight decided to keep their output target at 30 million barrels a day despite an oversupply of crude and plunging prices.
West Texas intermediate was down 6.3 per cent to $69.05 a barrel while Brent North Sea crude for January hit $US72.74, a level last witnessed on July 7, 2010.
But there were winners from the falling prices, with Qantas up 5.5 cents, or 3.06 per cent, at $1.85 at 1020 AEDT.
