Indonesia’s Medco Energi Internasional saw its dollar bonds move over 4% higher with its 2026s among the nation’s top gainers after OPEC+ announced a large production. Last week, the OPEC+ decided to cut output by 2mn bpd, their biggest cut since 2020. As per research firm Ciptadana Sekuritas, 45% of Medco’s combined oil & gas volume is linked to spot oil prices and the remaining 55% is sold at fixed prices, thus seeing the company benefit from rising oil prices. They note that Medco’s 2022 oil and gas lifting is set to see a 64% YoY volume increase to 146mn bpd.

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