BOCI Raises 2026 Oil Price Forecast by 9% to $94 per Barrel, 2027 Outlook Upgraded by 22%

Stock News10-23 11:30

According to a research report released by BOCI, oil prices have surged to their highest levels since May as geopolitical tensions in the Middle East escalate, affecting navigation through two critical straits in the region and posing threats to Saudi Arabia's oil infrastructure.

Given that the current situation is unlikely to be resolved in the near term, the bank expects oil prices to remain elevated for an extended period. It has raised its 2026 oil price forecast by 9% to $94 per barrel and its 2027 forecast by 22% to $90 per barrel.

The bank maintains a "Neutral" rating on the oil sector and favors companies with a higher proportion of upstream operations, such as CNOOC Ltd (00883) and PetroChina Co Ltd (00857).

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