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Daiwa commented in its report that the drone and missile attacks at oil production facilities in Saudi Arabia on 14 September will likely result in significant erosion to global oil supply, as this may reduce oil production by roughly 5.7 million barrels per day.
Among Chinese oil giants, the broker's top-picks are PETROCHINA (00857.HK) and CNOOC (00883.HK), where the latter is the most leveraged on the oil price level and the former is now trading at a distressed valuation of 0.5 times to 2020 PBR estimate.
AAStocks Financial News
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