Changes in Hong Kong stocks | Petroleum stocks fall again, G7 reserves release and US-Iran negotiations resume, IEA lowers global crude oil demand expectations

The Zhitong Finance App learned that petroleum stocks fell again. As of press release, Shandong Molong (00568) fell 3.67% to HK$3.94; CNOOC Oilfield Services (02883) fell 2.99% to HK$7.3; CNOOC (00883) fell 2.10% to HK$23.34; and CNPC (00857) fell 2.03% to HK$9.42.

According to the news, according to CCTV news reports, French President Emmanuel Macron said on the evening of the 24th that France plans to convene a meeting of G7 member countries to discuss the release of strategic oil reserves in order to stabilize international oil prices. Furthermore, according to media reports quoted by the Financial Federation, two Iranian sources, two regional officials, and two Western diplomats reported that representatives of the US and Iran are discussing a plan to gradually end the war. Among them, Iran needs to re-open the Strait of Hormuz, while the US side needs to lift the economic blockade against Iran.

Notably, the IEA once again lowered its crude oil supply and demand forecast, warning of the risk of a shortage of refined oil products. According to the IEA's September monthly report, due to the continued stalemate in US-Iran negotiations, the prospects for oil supply normalization have been postponed until next year. The IEA continues to lower crude oil demand expectations. It is estimated that global crude oil demand will drop 2.5 million b/d in '26, and demand forecasts will be lowered by 940,000 b/d. Crude oil demand is expected to rise 2.6 million b/d in '27, barely offsetting this year's decline.