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SINOPEC CORP: Sector Consensus Predicts Continued Oil Price Decline in 2H25; Upstream Exploration to Be Enhanced
Recommend 8 Positive 17 Negative 8 |
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SINOPEC CORP (00386.HK) announced its interim results, with a 34.5% decline in operating income. The Group explained that the primary reason was the continuous drop in crude oil and product prices, leading to inventory profit losses. The industry consensus is that the oil price will be around US$67 per barrel this year and approx. US$60-61 next year, with expectations that oil prices will continue to fall in 3Q25/ 4Q25, Chairman Hou Qijun said. In terms of business, Hou noted strong domestic demand for natural gas, and the upstream sector will continue to enhance natural gas exploration. The downstream sector will optimize its structure, implement industrial transformation, increase the output of chemical raw materials and upgrade gas station terminals to integrate oil, gas and hydrogen, etc.. The Group will also accelerate the development of its new energy business, with photovoltaics being its key development direction. AASTOCKS Financial News Website: www.aastocks.com |
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