Citi Warns of Persistent Risks in Oil, Gas, and Refining Sectors, Questions Sector Outperformance

Monday, Dec 1, 2025 8:35 am ET1min read

Citi analysts warn of persistent risks in the oil, gas, and refining sectors, citing a supply overhang that could lead to price declines. They predict a 30% fall in European and Asian gas prices for 2025 and warn of further downside if demand doesn't recover. Despite these risks, Citi maintains a "Buy" rating for BP and ConocoPhillips, citing underappreciated value in their Brazil and Russia streams and a discount to Chevron and Exxon Mobil.

Citi Warns of Persistent Risks in Oil, Gas, and Refining Sectors, Questions Sector Outperformance

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