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Oil prices fall + production cuts, Saudi Arabia's June oil exports drop to a three-year low.
Due to falling oil prices and production cuts, Saudi Arabia's petroleum export revenue has fallen to its lowest level in three years.
China Construction Bank International: Maintains Kunlun Energy's "outperform" rating, target price lowered to HKD 8.5.
CICC published a research report stating that it maintains kunlun energy (00135) with an 'outperform' rating. Considering the downgraded forecast of the profit margin of the retail gas sales business and the reduced contribution of equity profits, the bank has lowered the group's profit forecast for 2024 to 2026 by 10%, 8%, and 8% respectively, with the target price lowered from 9 HKD to 8.5 HKD. The report indicates that the company's retail gas sales volume increased by 9% last year. Driven by industrial demand, the bank expects the group's gas sales profit to maintain healthy growth this year. The bank stated that after renting more gas stations, the group will transfer more costs, and it is expected that this year's unit profit will remain relatively stable.
CICC: Maintains 'outperform' rating on Kunlun Energy (00135) with target price lowered to 8.5 Hong Kong dollars.
Driven by industrial demand, Industrial and Commercial Bank of China International Group expects healthy growth in gas sales profits this year.
US Total Crude Oil Stocks Decline in Week Ended Aug. 16
Oil Bottoms Out After UK Navy Reports New Attacks in Red Sea
Oil: OPEC+ Set to Postpone the Expansion of Production – Commerzbank
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151467742 : $YANZHOU COAL MININ (YZCAY.US)$ Dude, which coal futures market has the most influence?