Oil Price SensitivityCNOOC’s earnings is sensitive to oil prices, which would be dictated by output by the Organization of the Petroleum Exporting Countries (OPEC) and the US.
OPEC Production CutsPotential unwinding of OPEC+’s 2mmbpd production cuts could dampen sentiment and weaken oil price outlook towards 2025.
Share Price VolatilityCNOOC’s share price closely tracks oil prices, with potential unwinding of OPEC+’s production cut possibly dampening sentiment.