Why the Woodside (ASX:WPL) share price is edging higher today

The Woodside Petroleum Limited (ASX: WPL) share price is edging higher, up 0.57% in early afternoon trading. This morning’s gains bring Woodside’s share price up 31% since crude oil prices started to rally on 1 November. That compares to a 12% gain for the broader S&P/ASX 200 Index (ASX: XJO).

Woodside shareholders have 2 new developments to analyse today.

First, Woodside has opted to pre-empt independent oil and gas explorer Far Ltd‘s (ASX: FAR) sale of its stake in the Sangomar asset in Senegal. (Note, FAR shares have been suspended since 14 September.)

Second, OPEC+ has reached an interim decision on its 2021 output levels.

We’ll look at both below. But first…

What does Woodside do?

Woodside Petroleum is the largest…