11月12日，港股三桶油继续上涨，中国海洋石油涨超3%、中国石油股份涨超2%，股价均创历史新高；中国石油化工股份涨近2%。
美军最大航母打击群进入加勒比海，而委内瑞拉举行新一轮军演。国金证券近日指出，尽管特朗普称尚未决定对委内瑞拉境内地面目标发动袭击；但该行认为南美地缘风险未来1-2周仍可能上升。光大证券则表示，OPEC+暂停增产改善供需过剩，地缘紧张有望支撑油价。
国联民生证券指出，2025年OPEC+多次宣布恢复增产，供应预期增量压制油价，叠加特朗普“对等关税”冲击全球需求，2025年内国际油价中枢下移。2025Q3布伦特/WTI油价均值为68.17美元/桶、64.96美元/桶，分别同比下降13.40%、下降13.78%。上游龙头油气央企通过持续的增储上产、降本增效，在一定程度上对冲油价基本面的承压。如果终端消费需求进一步改善，龙头央企有望实现业绩修复。
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