According to Goldman Sachs' research report, Brent crude oil prices reached USD67 per barrel in 2Q25 due to recent geopolitical events, surpassing the broker's earlier forecast of USD65.Meanwhile, the reduction in production by state-owned refineries, coupled with low utilization rates of independent refineries, has led to a slide in local oil product inventories. Despite dull demand, refining profits still beat expectations in 2Q25.Related NewsCLSA Raises 2025/ 2026 Oil Price Forecasts to US$71.4/ US$72.4 per BarrelWith oil prices down by 20% in 2Q, Goldman Sachs envisions PETROCHINA (00857.HK) +0.090 (+1.314%) Short selling $69.56M; Ratio 19.346% and SINOPEC CORP (00386.HK) +0.030 (+0.721%) Short selling $64.63M; Ratio 17.410% to see their net income drop by 30% and 46% YoY, respectively, while CNOOC (00883.HK) -0.040 (-0.220%) Short selling $76.14M; Ratio 8.435% will log a 16% decline in its 1H25 net income.The broker remains optimistic about PETROCHINA and CNOOC, raising its target prices for the former from HKD8 to HKD8.3 and for the latter from HKD20 to HKD20.9, both rated as Buy. It also kept a Neutral rating on SINOPEC CORP with a target price of HKD3.7.(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2025-07-08 16:25.)