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Hong Kong stocks movement | Petroleum stocks continue to decline as OPEC decides to increase production as scheduled. In the short term, oil prices are still affected by tariffs and other factors.
The Petroleum stocks collectively declined. As of the time of writing, China Oilfield Services (00883) dropped 3.02%, priced at 17.32 HKD; PetroChina (00857) fell 2.41%, priced at 5.68 HKD; China Oilfield Services (02883) decreased 1.74%, priced at 6.23 HKD.
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Not afraid of pressure from Trump? Traders expect OPEC+ to delay the production increase plan for April again.
Despite Trump pressuring for a price cut, traders generally expect that due to a potential oversupply in the Global market, OPEC+ will postpone the planned monthly production increase set to start in April by one to three months. This is the fourth time since 2022 that OPEC+ has delayed plans to restore oil production.