Lyon Predicts Oil Prices Above $80/Barrel in H2 2026, Rates Chinese Oil Stocks as Market Outperformers

According to Lyon's research report cited by Jin10 on June 16, the brokerage predicts global oil prices will remain above $80 per barrel in the second half of 2026, down from an average of $94 in H1 2026, citing production facility damage and infrastructure bottlenecks that will prevent supply recovery to pre-Middle East conflict levels. The brokerage forecasts PetroChina (00857.HK) and CNOOC (00883.HK) will see second-quarter earnings growth of approximately 50% year-over-year, supported by elevated oil and natural gas prices.

Lyon assigned market-outperform ratings to all three Chinese oil majors, citing stable fundamentals and 7% dividend yields. Price targets are set at HK$12 for PetroChina, HK$36 for CNOOC, and HK$4.9 for Sinopec (00386.HK), with CNOOC's potential removal from U.S. restrictions listed as a catalyst for revaluation.