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Oil Prices Decline With Weekly U.S. Crude Inventories up by Than 5 Million Barrels
Middle East oil production is recovering, and Saudi Arabia's economic growth rate is expected to soar in 2025.
①According to a survey, economists generally believe that Saudi Arabia's economic growth will accelerate in 2025 due to an increase in oil production; ②The survey predicts that Saudi Arabia's economy will grow by 4.4% in 2025, higher than this year's expected 1.3%, marking the fastest growth rate in three years; ③In addition, the economies of other GCC member states will also be strong, with the UAE becoming the fastest-growing country in the region.
Lyon: First to recommend China oilfield services (02883) with an outperform rating and a target price of 9 Hong Kong dollars.
Lyon pointed out that with the increase in seasonal exploration and production capital expenditures at the end of the year, the rise in profits in the second half of the year can drive the revaluation of china oilfield services value.
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In "The Big Bank" column: china oilfield services (02883.HK) rides the wave of China National Offshore Oil Corporation's capital expenditure, rated as 'outperforming the market'.
Lyon's report stated that China Oilfield Services (02883.HK) is a sister company of China Oil (00883.HK), providing offshore drilling and oilfield services. China Oil is aiming for a three-year production target by 2026, with a compound annual growth rate of 6% from this year to 2026. It is expected that China Oilfield Services' offshore business in China will continue to prosper, and its overseas business will also benefit from strong demand for deep-sea drilling, an area increasingly of concern to major oil companies worldwide. The bank believes that China Oilfield Services currently has a market-to-book ratio of 0.7 times, the valuation is not expensive, and with the increase in seasonal exploration and production capital expenditure at the end of the year, profit is expected to rise in the second half of the year.
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