Recent reports indicate that the Organization of the Petroleum Exporting Countries (OPEC) has revised its forecast for global oil demand growth downward. Consequently, the stock prices of the major Chinese oil companies—PetroChina, CNOOC, and Sinopec—have collectively experienced declines exceeding 5%.

OPEC’s Revision of Oil Demand Growth Forecast

In its most recent monthly report, OPEC adjusted its forecast for global oil demand growth for the current year, reducing the average daily increase from 2.11 million barrels to 2.03 million barrels. Furthermore, the forecast for average daily global oil demand growth in 2025 has been revised downward by 2.2%, now projected to be 1.74 million barrels. This adjustment reflects both weak global oil demand and an anticipated supply surplus, resulting in a decline in international oil prices to their lowest levels since December 2021. Consequently, the stock prices of the major Chinese oil firms—PetroChina (00857), CNOOC (00883), and Sinopec (00386)—have experienced significant declines:

PetroChina (00857) fell by over 5%, reaching a low of 5.34 HKD, the lowest level since January of this year.

CNOOC (00883) saw a 6% drop, reaching 18.00 HKD, its lowest point in over three months.

Sinopec (00386) decreased by 5%, hitting a low of 4.17 HKD, the lowest since February of this year.

OPEC’s report emphasizes that global economic stagnation, along with the fiscal and monetary policy challenges faced by major economies, is expected to slow oil demand growth. Notably, demand growth in significant consumer markets such as China and India has underperformed relative to expectations. This underperformance is primarily due to a sluggish economic recovery and increased policy uncertainties. Additionally, an oversupply in the energy market has further suppressed demand forecasts. OPEC also highlights that, despite a stable global oil supply, ongoing geopolitical risks, growing global concern over environmental and climate issues, and the rapid advancement of renewable energy and electric vehicles are gradually undermining the traditional oil market. Therefore, the market must remain vigilant regarding potential threats to the supply chain.

For the "Big Three," although short-term stock price declines are evident, these companies are actively investing in and transitioning towards renewable energy sectors to align with the global energy shift. For instance, PetroChina has demonstrated robust profitability in its oil and gas new energy ventures and has made notable advances in wind and solar power, as well as geothermal heating. These initiatives not only enhance the companies' long-term competitiveness but also contribute to national energy security and sustainable economic development.

How to Invest and Trade on uSMART

To invest in these stocks using the uSMART HK app, log in and select "Search" in the top right corner of the page. Enter the stock code, such as "00857," to access the details page for trading information and historical trends. Click "Trade" in the lower right corner, choose "Buy/Sell," and input your trading conditions before submitting the order. An image guide is provided below for further assistance.

(Source: uSMART HK）