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<Research>JPM Predicts PETROCHINA's NP to Hit Record High Last Yr; Russian Oil Price Cap to Benefit CN Upstream Sector
Recommend 9 Positive 19 Negative 8 |
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Although JPMorgan's outlook for the oil industry in 2H25 and 2026 remained cautious, it still favored PETROCHINA (00857.HK) as the company would be relatively less affected by oil price fluctuations, the broker said in its report. Continuing to predict PETROCHINA's net profit to reach a historic high in 2024, the broker kept an Overweight rating on the company with a target price of $9. The US recently announced a new round of sanctions against Russia, with a petroleum services prohibition taking effect on the 27th of next month. JPMorgan believed this would lead to higher oil price volatility in the next two months. If the oil price cap and shipping restrictions are strictly enforced from February to March, China's upstream sector will benefit from the widening price gap between Russian and international prices. It is estimated that the discount on Russian oil will increase by US$2 per barrel, resulting in approximately a 1% positive impact on PETROCHINA's net profit. AAStocks Financial News |
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