Changes in Hong Kong stocks | Three barrels of oil collectively fell, CNPC (00857) fell more than 4% intraday, and sudden changes in Venezuela's political situation disrupted the oil market

The Zhitong Finance App learned that three barrels of oil fell collectively. As of press release, CNPC (00857) fell 3.99% to HK$8.18; CNOOC (00883) fell 3.2% to HK$21.16; and Sinopec (00386) fell 1.28% to HK$4.64.

According to the news, the US launched a military attack on Venezuela and arrested Venezuelan President Nicolas Maduro. Trump made it clear that “major US oil companies will invest billions of dollars to focus on repairing Venezuela's severely damaged oil infrastructure to help restore production capacity and generate profits,” while “the oil embargo on Venezuela remains fully effective.”

According to public information, Venezuela has the world's largest proven oil reserves, but its current oil production is less than 1 million barrels per day, less than 1% of global oil production. Goldman Sachs believes any recovery in production will be “gradual and partial,” given the extent of infrastructure degradation. However, a long-term increase in Venezuelan production, combined with the increase in production in the US and Russia, will further increase the risk of falling oil prices in 2027 and beyond.