The Zhitong Finance App learned that Citibank released a research report stating that the CNPC (00857) model was updated to reflect Citigroup's latest Brent crude oil assumptions. The third-quarter/quarter of 2026 and 2027 were 75, 70, and 65 US dollars per barrel, respectively. CNPC's earnings forecast per share for the 2026 fiscal year was raised by 26%, but remained essentially unchanged for the 2027 fiscal year, down only 1%. This update also introduces the 2028 fiscal year forecast. The target price rose from HK$10 to HK$12, mainly reflecting the revised DCF valuation for exploration and production. The long-term Brent crude oil price was US$65 per barrel, compared to the previous value of US$60 per barrel.

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.

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