Economic Information Daily, June 6 - CNOOC (00883) rose 0.8%, closing at HK$23.6; CNPC (00857) gained 1.3%, closing at HK$9.685, marking its second consecutive day of gains with a cumulative increase of 1.8%; Sinopec (00386) rose 0.1%, closing at HK$4.385, also recording its second consecutive day of gains with a cumulative increase of 0.7%.
Amin Nasser, CEO of Saudi Aramco, the world's largest oil producer, said during the 'Energy Intelligence Forum' in London that due to the ongoing Middle East crisis, the global oil and fuel supply chain is facing severe challenges. Currently, global oil inventories meant to buffer shocks have fallen to levels that are 'alarmingly low'. If the Strait of Hormuz remains closed, market conditions could deteriorate further.
He revealed that global commercial oil inventories have dropped to less than 6 billion barrels, and the vast majority of these are practically unusable. Before the Middle East crisis is resolved, pressure on the oil market will intensify further. Even if inventories can be replenished afterward, the process would take up to two years.
Currently, the Hang Seng Index stands at 24,238, up 198 points or 0.8%, with turnover on the main board reaching nearly HK$22.5 billion. The H-share Index is at 8,120, up 68 points or 0.8%. The Hang Seng Tech Index is at 4,214, up 31 points or 0.7%. (am)
Amin Nasser, CEO of Saudi Aramco, the world's largest oil producer, said during the 'Energy Intelligence Forum' in London that due to the ongoing Middle East crisis, the global oil and fuel supply chain is facing severe challenges. Currently, global oil inventories meant to buffer shocks have fallen to levels that are 'alarmingly low'. If the Strait of Hormuz remains closed, market conditions could deteriorate further.
He revealed that global commercial oil inventories have dropped to less than 6 billion barrels, and the vast majority of these are practically unusable. Before the Middle East crisis is resolved, pressure on the oil market will intensify further. Even if inventories can be replenished afterward, the process would take up to two years.
Currently, the Hang Seng Index stands at 24,238, up 198 points or 0.8%, with turnover on the main board reaching nearly HK$22.5 billion. The H-share Index is at 8,120, up 68 points or 0.8%. The Hang Seng Tech Index is at 4,214, up 31 points or 0.7%. (am)
