Gelonghui on September 25th | UBS Group released a research report, lowering this year's average price forecast for Brent crude oil to $80 per barrel; forecasts for 2025 and 2026 were each lowered to $75 per barrel. The bank believes that demand issues remain the main downside risk for oil prices. UBS has lowered its forecast for global crude oil demand growth this year to about 1 million barrels per day, and also lowered its forecast for global oil demand growth in 2025 to about 1 million barrels per day. In addition, UBS adjusted profit forecasts for the 'Big Three Oil Companies,' expecting PetroChina's profit for the fiscal years 2024 to 2026 to be 169.3 billion, 168.4 billion, and 173 billion yuan respectively; Sinopec to be 67 billion, 75.8 billion, 84.8 billion yuan respectively; CNOOC to be 152.9 billion, 150.1 billion, and 154.2 billion yuan respectively. UBS also made corresponding adjustments to the target prices, lowering PetroChina's H shares' target price from 10.4 Hong Kong dollars to 9.7 Hong Kong dollars, Sinopec's H shares' target price from 6.6 Hong Kong dollars to 6.3 Hong Kong dollars, and CNOOC's target price from 31 Hong Kong dollars to 29.5 Hong Kong dollars, all with a 'buy' rating. The bank's preference order is Sinopec, CNOOC, and lastly PetroChina.