Hong Kong petroleum stocks rose collectively, as of the time of writing, $PETROCHINA (00857.HK)$ up 3.55%, $CNOOC (00883.HK)$ up 2.87%,$KUNLUN ENERGY (00135.HK)$up 1.85%, $SINOPEC CORP (00386.HK)$ Increased by 1.42%.

On the news front, on December 3rd (Tuesday) $Crude Oil Futures(JAN5) (CLmain.US)$ increased by 2.7%, closing around 70 dollars per barrel, marking the largest single-day increase since November 18. OPEC+ representatives revealed that the organization is making progress towards reaching an agreement to postpone the oil production recovery timeline by another three months. The alliance will finalize plans in an online meeting on Thursday. $Brent Last Day Financial Futures(FEB5) (BZmain.US)$ rose above 73 dollars per barrel.

In addition, according to CCTV News, on December 3 local time, the U.S. Office of Foreign Assets Control (OFAC) of the Treasury Department announced sanctions on 35 entities and vessels that play a key role in transporting Iranian oil to foreign markets. The statement indicated that oil revenue provided resources for Iran's regime to fund its nuclear program and develop advanced drones and missiles. Oil prices expanded after the announcement. Analysts in the industry believe that the possibility of the U.S. reintroducing severe sanctions on Iran, as seen during Trump's first term, poses a threat to Iran's production. Since Trump left office, Iran's daily crude oil production has increased by about 1.2 million barrels.

Editor/Rocky