Damo raised its 2024-2025 oil price forecast from $78 and $75 per barrel to $87 and $79 per barrel.
The Zhitong Finance App learned that Morgan Stanley released a research report stating that it will raise the 2024-2025 oil price forecast from 78 to 75 US dollars per barrel to 87 and 79 US dollars per barrel, and accordingly raise the earnings forecast for CNOOC (00883) to 3.2 and 2.9 yuan per share for this year and next two years, and raise the target price from HK$16.1 to HK$18.18, giving it an “increase” rating.
At the same time, CNOOC's long-term production forecast was raised, and it is believed that the company's production pace will be better than expected. From a cost perspective, the bank predicts that CNOOC will continue to outperform its peers. Low-cost strategies and good execution capabilities will put CNOOC in a more favorable position and can fully benefit from the upward trend in oil prices.