Oil stocks advanced again in Hong Kong trading. At the time of writing, CNOOC (00883) rose 3.47% to HK$28; PetroChina (00857) increased 2.34% to HK$10.5; China Oilfield Services (02883) gained 0.51% to HK$9.85; and Kunlun Energy (00135) added 0.36% to HK$8.28. Market attention is centered on reports that the International Energy Agency (IEA) is preparing to propose the largest-ever release of strategic crude oil reserves, potentially exceeding the 182 million barrels released during the 2022 Russia-Ukraine conflict. IEA member countries are expected to decide on the proposal by Wednesday; it could pass if no members object, though opposition from any single country might delay the plan. Everbright Securities noted in a research report that while crude oil supply and demand face some pressure, the current geopolitical tensions are likely to ease concerns over oil availability. The overall increase in geopolitical risk premium is expected to keep oil prices elevated for some time. As leading state-owned enterprises in the upstream oil and gas sector, the "big three" Chinese oil majors and oilfield services companies are demonstrating strong earnings resilience amid the rising oil price environment.