BOCI Research released a research report stating that due to the average oil price decline, it is expected that the third quarter profits of the three major oil companies in the mainland will significantly decrease on a quarterly basis. Among them, the profitability of integrated upstream and downstream enterprises is declining even more. Given the good production growth, CNOOC (00883.HK) should be the only company to achieve year-on-year growth.

BOCI International continued to state that following news reports that Israel has assured the United States that it will not attack Iran's oil or nuclear facilities in the upcoming retaliatory actions, oil prices have fallen from recent top reversals, but the geopolitical situation in the Middle East remains tense. Currently, the bank reaffirmed its "shareholding" rating for the Chinese petroleum industry, with CNOOC still being the industry's top pick.