Citigroup has issued a research report stating that, due to an upward revision in oil price forecasts, it has increased CNOOC's (00883) profit projections for 2026 and 2027 by 21% and 35%, respectively. The target price has been raised from HK$24 to HK$33, based on a discounted cash flow valuation model, while maintaining a "Buy" rating. The bank forecasts average Brent crude prices for this year and next at $83 and $70 per barrel, respectively, up from previous estimates of $65 and $55. The long-term oil price forecast remains unchanged at $55 per barrel.
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