Citigroup published a report updating the CNPC model to reflect Citigroup's latest Brent crude oil hypothesis. The third-quarters/quarter of 2026 and 2027 were $75, 70, and $65 per barrel, respectively. Due to the significant increase in the discount price of Russian crude oil compared to other imported crude oil and the strong price spread of aviation coal cracking, it is believed that CNPC can fully offset domestic gasoline and diesel profit pressure, and the competitiveness of the natural gas marketing business has also improved in the context of rising LNG prices, and it is still the bank's first choice in the oil and gas sector in China. Citi raised CNPC's earnings forecast per share for FY2026 by 26%, but lowered it by 1% for the 2027 fiscal year and introduced the 2028 forecast; the target price was raised from HK$10 to HK$12, mainly reflecting the revised DCF valuation for exploration and production. The long-term Brent crude oil price used $65 per barrel.

Citigroup published a report updating the CNPC model to reflect Citigroup's latest Brent crude oil hypothesis. The third-quarters/quarter of 2026 and 2027 were $75, 70, and $65 per barrel, respectively. Due to the significant increase in the discount price of Russian crude oil compared to other imported crude oil and the strong price spread of aviation coal cracking, it is believed that CNPC can fully offset domestic gasoline and diesel profit pressure, and the competitiveness of the natural gas marketing business has also improved in the context of rising LNG prices, and it is still the bank's first choice in the oil and gas sector in China. Citi raised CNPC's earnings forecast per share for FY2026 by 26%, but lowered it by 1% for the 2027 fiscal year and introduced the 2028 forecast; the target price was raised from HK$10 to HK$12, mainly reflecting the revised DCF valuation for exploration and production. The long-term Brent crude oil price used $65 per barrel.