Citigroup: Raises oil price forecast for the next two years, raises target price for CNOOC to HK$33.

Citigroup released a research report stating that due to the increase in oil price forecasts, profit forecasts for CNOOC in 2026 and 2027 have been raised by 21% and 35% respectively. The target price has been raised from 24 Hong Kong dollars to 33 Hong Kong dollars, based on a discounted cash flow rate valuation, maintaining a "buy" rating. The bank forecasts Brent crude oil prices this year and next year to be $83 per barrel and $70 per barrel respectively, higher than the previous forecasts of $65 and $55 per barrel, while long-term oil price forecasts remain unchanged at $55 per barrel.