According to Citigroup's report on November 5th, the latest Brent crude oil forecast for 2024 to 2026 is $80/$60/$65 per barrel, compared to the previous forecast of $76/$70/$55. The profit forecast for CNOOC from 2024 to 2026 is also adjusted accordingly by +12%/-8%/+43%. Therefore, based on an 8% weighted average cost of capital and an oil price of $55 per barrel, CNOOC's target price is raised from HK$23 to HK$24.
大行评级｜花旗：调整油价预测 上调中海油目标价至24港元
Major rating adjustment: Citi - Adjusting oil price forecast, raising CNOOC's target price to HK$24.
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