Zhi Tong Cai Jing·2026-01-05 02:05Core Viewpoint - The collective decline of China's three major oil companies is influenced by geopolitical events in Venezuela, where the U.S. has initiated military action and plans significant investment in the country's oil infrastructure, despite ongoing sanctions [1] Group 1: Company Performance - PetroChina (00857) saw a decline of 3.99%, trading at HKD 8.18 [1] - CNOOC (00883) dropped by 3.2%, with shares at HKD 21.16 [1] - Sinopec (00386) fell by 1.28%, priced at HKD 4.64 [1] Group 2: Geopolitical Impact - The U.S. military action against Venezuela includes the capture of President Maduro, which has implications for the oil market [1] - Trump announced that U.S. oil companies will invest billions to repair Venezuela's damaged oil infrastructure, aiming to restore production and generate revenue [1] - Despite the investment, the U.S. oil embargo on Venezuela remains fully in effect [1] Group 3: Market Outlook - Venezuela holds the largest proven oil reserves globally, yet its current production is below 1 million barrels per day, accounting for less than 1% of global oil output [1] - Goldman Sachs suggests that any recovery in production will be gradual and localized due to the deteriorated state of infrastructure [1] - A sustained increase in Venezuelan oil production, along with rising output from the U.S. and Russia, could heighten the risk of declining oil prices post-2027 [1]