Oil Stocks Lead Declines in Hong Kong Market as US Plans Strait Operations and Japan Hints at Crude Market Intervention

Stock News05-04

Oil stocks were among the biggest decliners in the Hong Kong market. At the time of writing, CNOOC (00883) fell 2.59% to HK$28.62, PetroChina (00857) dropped 2.41% to HK$11.74, and Yanchang Petro (00346) declined 1.23% to HK$0.40.

On the news front, U.S. President Trump stated on social media that the United States will begin a疏导 operation in the Middle East to guide vessels stranded in the Strait of Hormuz away from the area.

Additionally, Japan conducted its first foreign exchange intervention since July 2024 last Thursday, spending approximately $34.5 billion. Beyond currency market actions, Japan's top currency official Masato Kanda hinted on Friday that Japan may intervene in the crude oil futures market if necessary.

It is noteworthy that the Arab Petroleum Exporting Countries issued a statement confirming that the UAE has formally withdrawn from the organization. On Sunday, OPEC+ announced an agreement to increase oil production by 188,000 barrels per day. This marked the first meeting since the group lost its key member, the UAE, indicating continued progress with production increase plans. Sunday's figures did not include the UAE's production share.

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