Hong Kong Stocks Movement | Oil Stocks Rise in Early Trading, CNOOC (00883) Up Over 3% as OPEC+ Confirms Output Freeze in Q1 Next Year

Stock News12-02

Oil stocks gained in early trading, with CNOOC (00883) rising 2.61% to HK$22, PetroChina (00857) up 1.82% to HK$8.94, and SINOPEC CORP (00386) climbing 1.8% to HK$4.53. The uptick follows an announcement by eight OPEC+ nations to maintain production levels set in early November and pause output increases in Q1 2026, addressing global oversupply and falling oil prices. The group also agreed on a mechanism to assess members' maximum production capacities.

International oil prices rose 1.5% in Monday's Asian trading session on the news. Everbright Securities noted that amid deepening state-owned enterprise reforms and sustained high oil prices, China's "Big Three" oil giants—CNOOC, PetroChina, and SINOPEC—are poised to deliver strong earnings and dividends, potentially driving further stock gains. Ping An Securities highlighted that domestic oil firms have reduced earnings volatility through integrated upstream-downstream operations, recommending focus on leading players with clear production targets and overseas expansion potential.

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