BOC International: Raises 2026 oil price forecast by 9% to $94/barrel; 2027 forecast raised by 22%.

11:17 23/10/2026

BOC International raises its 2026 oil price forecast by 9% to $94/barrel, and its 2027 oil price forecast by 22% to $90/barrel.

BOC International stated in a research report that as geopolitical tensions in the Middle East escalate, navigation through two important straits in the region has been affected, Saudi Arabia's oil infrastructure is also facing threats, and oil prices have soared to their highest level since May. Given that the current situation is difficult to resolve in the short term, the bank expects oil prices to remain elevated for a longer period and has raised its 2026 oil price forecast by 9% to $94/barrel and its 2027 oil price forecast by 22% to $90/barrel. The bank maintains a "Neutral" rating on the oil sector and is more optimistic about companies with a higher proportion of upstream business, such as CNOOC (00883) and PETROCHINA (00857).

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