HK Stock Market Move | Oil stocks fall again as G7 considers releasing reserves and expectations of U.S.-Iran talks resurface; IEA cuts global oil demand forecast.

Oil stocks fell again. As of press time, Shandong Molong Petroleum Machinery (00568) dropped 3.67% to HK$3.94; CHINA OILFIELD (02883) fell 2.99% to HK$7.3; CNOOC (00883) declined 2.10% to HK$23.34; PETROCHINA (00857) dropped 2.03% to HK$9.42. On the news front, according to CCTV News, French President Macron said on the evening of the 24th that France plans to convene a meeting of G7 member states to discuss releasing strategic oil reserves to stabilize international oil prices. In addition, according to Cailian Press citing media reports, two Iranian sources, two regional officials, and two Western diplomats reported that representatives of the United States and Iran are discussing a plan to gradually end the war, in which Iran would need to reopen the Strait of Hormuz, while the United States would need to lift its economic blockade on Iran. It is worth noting that the IEA once again lowered its crude oil supply and demand forecasts, warning of the risk of refined product shortages. According to the IEA September monthly report, as the U.S.-Iran negotiations remain deadlocked, the prospect of normalizing oil supplies has been postponed to next year. The IEA continued to cut its crude oil demand forecast, expecting global crude oil demand to fall by 2.5 million barrels per day in 2026, with the demand forecast revised down by 940,000 barrels per day, and expecting crude oil demand to rebound by 2.6 million barrels per day in 2027, barely offsetting this year's decline.