JPMorgan released a research report stating that the target price of CNOOC (00883) has been lowered from 22 Hong Kong dollars to 21.2 Hong Kong dollars, maintaining an "outperform" rating; the target price of PetroChina (00857) has been decreased from 8.3 Hong Kong dollars to 7.45 Hong Kong dollars, maintaining an "outperform" rating; the target price of Sinopec (00386) has been reduced from 5 Hong Kong dollars to 4.65 Hong Kong dollars, maintaining a "neutral" rating.

The report mentioned that under the decline in crude oil prices, CNOOC's stock price has remained stable since April, outperforming its peers such as PetroChina and Sinopec. The bank expressed that based on CNOOC's robust profit growth outlook, attractive valuation, solid balance sheet, and appealing yield, CNOOC remains JPMorgan's top choice in the industry.

The bank stated that Brent crude oil price forecasts for 2024 have been reduced by 7% to $81 per barrel, in line with market consensus; crude oil price forecasts for 2025 have been lowered by 8% to $83 per barrel, 4% higher than the market consensus. Global central banks may cut interest rates over the next few quarters, creating a favorable environment for the recovery of oil demand. Additionally, the flexibility and willingness of OPEC+ to adjust oil production also help reduce the risk of oversupply. Despite the increase in the popularity of electric vehicles limiting the demand for gasoline as a shift towards clean energy, the continued growth in demand for other oil products like kerosene, diesel, and petrochemicals persists.