[ET Net News Agency, 9 March 2020] The OPEC+ meeting in Vienna last week did not end up
with an agreement to cut 1.5mb/d more supply as Saudi Arabia wanted. The current agreement
that withholds a combined 2.1mb/d of oil supply is due to expire on 31 March.
BofA Global Research downgraded PetroChina (PTR)(00857) to "neutral" with a target price
of HK$3.1 (from HK$4). It also downgraded CNOOC (00883) to "neutral" with a new target
price of HK$10.8 (from HK$14.1). It maintained its "neutral" call on Sinopec (SNP)(00386),
with a new target price of HK$4.2 (from HK$4.5).
The research house said CNOOC is most sensitive to the crude oil price, with a US$1/b
oil price drop leading to a 5% 2020 earning decline, followed by PTR of 3% and SNP of 2%.
BofA believes that the US$30s dollar oil is not sustainable in the medium-term given the
potential supply re-action and potential US oil supply growth could be much lower than
before in 2020 under lower oil prices. (KL)
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00883 CNOOC
Nominal 
18.900 +0.100 (+0.532%) Others
09/03/2020 14:14
{I-bank focus}BofA downgrades CNOOC and PTR to "neutral"
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