Petrochina (00857.HK) Chief Financial Officer and Board Secretary Wang Hua stated at the third quarter performance online conference that due to the global drop in crude oil demand, the possibility of OPEC+ withdrawing voluntary production cuts, the international crude oil supply and demand fundamentals weakened in the fourth quarter, increasing downward pressure on oil prices.

Wang Hua mentioned that the Federal Reserve's initiation of an interest rate cut cycle, China's issuance of large-scale economic stimulus policies to boost market confidence, combined with international geopolitical tensions providing support to oil prices. Therefore, it is expected that the Brent oil price in the fourth quarter will range between $72 to $76 per barrel, with an average price of around $80 per barrel for the year.

Wang Hua predicted that next year, loose monetary policies will support global economic stabilization and recovery, OPEC+ will continue to strive to maintain oil price stability, and geopolitical conflicts may trigger temporary increases in oil prices. It is projected that the Brent oil price will average around $75 per barrel for the year, with a yearly decrease of $5 per barrel.

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