Sinopec Oil Services (01033) rose more than 5% and rose 5.05% at press time to HK$0.52, with a turnover of HK$3.58 million.
The Zhitong Finance App learned that Sinopec Oil Services (01033) rose by more than 5% and rose 5.05% at press time to HK$0.52, with a turnover of HK$3.58 million.
According to the news, the company issued an announcement today. Recently, Sinopec Petroleum Engineering Construction Co., Ltd., a wholly-owned subsidiary of Sinopec Petroleum Engineering Technology Service Co., Ltd., won the bid for the Sichuan-Chongqing E section (Tongliang-Qianjiang) construction general contracting project for the Sichuan Gas East Line 2 gas pipeline project. The bid amount was RMB 3.378 billion, accounting for about 4.22% of the company's 2023 operating revenue under China's accounting standards.
Guoxin Securities said that supply-side OPEC+ continued to step up production cuts. OPEC+ extended the voluntary production limit until the end of the second quarter. At the same time, the Russian government ordered its domestic oil companies to reduce oil production in the second quarter of 2024, further reducing production by 500,000 b/d from about 9.5 million b/d in the first quarter to ensure that the production target of 9 million b/d is reached by the end of June; in addition, US strategic oil reserves have entered the replenishment stage, and the overall supply side is tight. The demand side is gradually entering the peak seasonal demand season as the global economy continues to recover. The bank believes that oil demand is recovering moderately, overall supply and demand are relatively tight, and oil prices are expected to remain high.