Hong Kong Stock Volatility | Oil stocks rise again as the market focuses on IEA's release of reserves proposal, oil prices increase, and the performance resilience of the three major oil companies is highlighted

LootboxPhobia · 2026-03-11T07:24:19+00:00

Oil stocks rose, with CNOOC up 3.47% and PetroChina up 2.34%. The International Energy Agency proposed releasing the largest-ever strategic crude oil reserves to address supply and demand pressures. Geopolitical risks could drive oil prices higher, and the three major state-owned enterprises demonstrated earnings resilience during the oil price increase.

LootboxPhobia

2026-03-11 07:24:19

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CITIC Finance APP reports that oil stocks are rising again. As of the latest, CNOOC (00883) is up 3.47%, trading at HKD 28; PetroChina (00857) is up 2.34%, trading at HKD 10.5; CNOOC Services (02883) is up 0.51%, trading at HKD 9.85; Kunlun Energy (00135) is up 0.36%, trading at HKD 8.28.

According to reports, the International Energy Agency (IEA) is planning to propose releasing the largest strategic oil reserves in history, potentially exceeding 182 million barrels during the Russia-Ukraine conflict in 2022. IEA member countries are expected to decide on the proposal on Wednesday. If no member opposes, it can be approved, but any objections could delay the plan.

Guotai Junan Securities released a research report stating that oil supply and demand face certain pressures, but the current geopolitical conflicts may help ease concerns about oil supply and demand. The overall increase in geopolitical risk premiums is expected to continue pushing up oil prices for some time. As a major upstream oil and gas state-owned enterprise, the “Three Oil Giants” and oil services companies show significant performance resilience during periods of rising oil prices.

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