The shares of China's big three Hong Kong-listed oil firms saw a mixed reaction to news that the Organisation of Petroleum Exporting Countries had unexpectedly agreed to cut production quotas by 3.5 per cent.

PetroChina, the nation's largest oil and gas producer, rose 1.98 per cent to $2.575 while dominant offshore oil producer CNOOC slid 2.26 per cent to $12.95 and China Petroleum & Chemical Corp (Sinopec), the country's second-largest oil and gas producer, ended flat at $2.125.

Phillip Securities research director Louis Wong Wai-kit said PetroChina had the most to gain from higher oil prices while Sinopec's business mix made it a less lucrative prospect. He said CNOOC's more expensive valuation made it susceptible to profit taking.