CNOOC (00883) dropped more than 4% in afternoon trading, with shares down 3.91% to HK$21.62 at the time of writing, recording a turnover of HK$2.18 billion. The decline follows the International Energy Agency's (IEA) upward revision of its global oil surplus forecast for next year, projecting an oversupply exceeding 4 million barrels per day. The agency noted that the global oil market's supply-demand balance is increasingly skewed, with rising production outpacing demand growth, which remains below historical levels. While the IEA slightly raised its oil demand growth estimates for this year and next, it still expects daily growth below 800,000 barrels—far lower than past decades' trends.
CNOOC's Q1-Q3 financial report showed revenue of RMB 312.503 billion, down 4.15% year-on-year. Dongxing Securities highlighted that despite lower oil prices impacting revenue, the company's oil and gas output maintained growth, with revenue declining at a slower pace than oil prices—underscoring operational resilience. The average Brent crude spot price for the first three quarters of 2025 was $69.914 per barrel, down 14.6% year-on-year, while CNOOC's unit operating cost fell 2.8% to $27.35 per barrel of oil equivalent.
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