CICC International released a research report, lowering the 2024 Brent crude oil price forecast by 7% to $81 per barrel, in line with market consensus; the 2025 crude oil price forecast is lowered by 8% to $83 per barrel, 4% higher than market consensus.

CICC International indicated that global central banks may cut interest rates in the coming quarters, which could provide a favorable environment for the recovery of oil demand. At the same time, OPEC+ flexibility and willingness to adjust oil production also help reduce the risk of oversupply. Despite the increasing popularity of electric vehicles and the structural shift towards clean energy suppressing the demand for gasoline, the demand for other refined oil products such as kerosene and diesel, as well as petrochemical products, continues to grow.

CICC International also pointed out that in the case of falling crude oil prices, CNOOC Limited (00883.HK) has maintained stable stock prices since April, outperforming peers such as PetroChina (00857.HK) and Sinopec (00386.HK). The bank stated that based on CNOOC's solid profit growth prospects, attractive valuation, strong balance sheet, and appealing yield, CNOOC remains CICC International's top choice in the industry.

CICC International lowered the target price of CNOOC H shares from HK$22 to HK$21.2, maintaining an 'outperform' rating; lowered the target price of PetroChina H shares from HK$8.3 to HK$7.45, maintaining an 'outperform' rating; and lowered the target price of Sinopec H shares from HK$5 to HK$4.65, maintaining a 'neutral' rating.