Indonesia Energy Corp Ltd (NASDAQ:INDO), Houston American Energy Corporation (NASDAQ:HUSA) and Imperial Petroleum Inc (NASDAQ:IMPP) are all trading lower Thursday morning. Shares of energy companies are trading lower during Thursday’s trading session after OPEC+ agreed to stick to its planned output increase of 648,000 barrels per day in August, which has pressured oil prices. Concerns over a US economic slowdown have also lowered demand outlook.
Shares of smallcap oil penny stocks have seen marked volatility in recent months due to supply concerns. Energy names have also been volatile amid the Russia-Ukraine conflict, which has lifted oil and gas prices due to supply concerns. The Russia-Ukraine conflict has caused volatility in the broader energy sector and put pressure on some countries to become less dependent on Russian gas.
