Why Is Imperial Petroleum (IMPP) Stock Up 18% Today?


  • Imperial Petroleum (IMPP) stock is rising in an energy rally.
  • That’s due to news from the Organization of Petroleum Exporting Countries (OPEC+).
  • The group is cutting oil production for 2023.
IMPP Stock - Why Is Imperial Petroleum (IMPP) Stock Up 18% Today?

Source: Oil and Gas Photographer / Shutterstock.com

Imperial Petroleum (NASDAQ:IMPP) stock is gaining on Monday as energy shares rally thanks to news from overseas.

That news comes from the Organization of Petroleum Exporting Countries (OPEC+). The organization has announced that it’s cutting oil production by more than 1 million barrels per day. This is set to last through the end of 2023.

With the cut in oil production, other oil stocks are getting a boost. In particular, this has European oil stocks seeing a rally today as both big and small companies in the sector see their shares lift each other higher on the OPEC+ announcement.

OPEC+ says that the decrease in oil production is being made to combat a potential decrease in demand. To go along with its announcement, the price of crude oil got a boost over the weekend.

What This Means for IMPP Stock

With the price of crude oil rising, it makes sense that IMPP and other oil stocks would climb higher. These companies will benefit from increasing oil prices with increasing profits. And that could last for some time, considering that OPEC+’s decreased production will last all year.

On that same note, this news has IMPP stock seeing strong pre-market trading. As of this writing, more than 4 million shares have changed hands. That’s not a bad start to the day, considering the company’s daily average trading volume of about 8.4 million shares.

IMPP stock is up 18.1% as of Monday morning.

There’s even more stock market news for investors to read about below!

We’ve got all of the hottest stock market stories traders need to know about on Monday! Among that is what has shares of Indonesia Energy (NYSEMKT:INDO) stock up, the biggest pre-market stock movers this morning and more. You can read up on all of that news at the following links!

More Monday Stock Market News

On Penny Stocks and Low-Volume Stocks: With only the rarest exceptions, InvestorPlace does not publish commentary about companies that have a market cap of less than $100 million or trade less than 100,000 shares each day. That’s because these “penny stocks” are frequently the playground for scam artists and market manipulators. If we ever do publish commentary on a low-volume stock that may be affected by our commentary, we demand that InvestorPlace.com’s writers disclose this fact and warn readers of the risks.

Read More:Penny Stocks — How to Profit Without Getting Scammed

On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

Article printed from InvestorPlace Media, https://investorplace.com/2023/04/why-is-imperial-petroleum-impp-stock-up-18-today-2/.

©2024 InvestorPlace Media, LLC