Core Insights - The first phase of the Shunqing Oilfield, submitted by China Petroleum Southwest Oil and Gas Field Company, has successfully passed the evaluation by the Ministry of Natural Resources, confirming over 20 million tons of oil and over 2 billion cubic meters of natural gas in proven geological reserves [1] Group 1 - The Shunqing Oilfield is recognized as the first tight oil field in the Sichuan Basin [1] - This submission represents the largest scale of crude oil reserves reported in the Sichuan Basin this year, following the Fuxing Oilfield's submission of shale oil reserves [1] - The development of unconventional oil and gas resources is seen as a crucial replacement for long-term stable production [1]

Investment Rating - The report does not explicitly state an investment rating for the oil processing industry Core Insights - The average global crude oil inventory change for 2026 is projected to be +204.90 thousand barrels per day according to IEA, EIA, and OPEC [2] - For Q4 2025, the average inventory change is expected to be +162.53 thousand barrels per day, showing a revision from previous forecasts [2] - Global crude oil supply for 2025 is forecasted at 10617.36, 10607.84, and 10470.71 thousand barrels per day by IEA, EIA, and OPEC respectively, indicating a year-on-year increase [2] - The global crude oil demand for 2025 is estimated at 10392.25, 10393.68, and 10513.66 thousand barrels per day by IEA, EIA, and OPEC respectively, reflecting a modest increase from 2024 [2] Summary by Sections Oil Supply - IEA, EIA, and OPEC predict global crude oil supply for 2026 to be 10865.02, 10742.59, and 10654.18 thousand barrels per day respectively, with increases from 2025 [2][35] - The Q4 2025 supply increase is projected at +414.30, +385.36, and +254.12 thousand barrels per day by IEA, EIA, and OPEC respectively [35] Oil Demand - The demand for 2026 is forecasted at 10478.51, 10516.87, and 10651.70 thousand barrels per day by IEA, EIA, and OPEC respectively, indicating a growth from 2025 [2][35] - The demand increase for Q4 2025 is expected to be +108.72, +130.72, and +152.22 thousand barrels per day by IEA, EIA, and OPEC respectively [4] Oil Prices - As of December 18, 2025, Brent crude, WTI, Russian ESPO, and Russian Urals prices are reported at 59.82, 56.00, 47.94, and 65.49 USD per barrel respectively, with significant declines observed over the year [9][10] - Year-to-date price changes show Brent down by -21.22%, WTI by -23.42%, and Russian ESPO by -33.37% [9][10] Oil Inventory - The global crude oil inventory change for 2025 is projected at +225.11, +214.16, and -42.95 thousand barrels per day by IEA, EIA, and OPEC respectively, with an average increase of +132.11 thousand barrels per day [26] - The U.S. total crude oil inventory as of December 12, 2025, stands at 83658.8 thousand barrels, reflecting a slight increase [19][20]

Investment Rating - The report indicates a positive outlook for the petrochemical sector, with the overall performance of the sector outperforming the Shanghai Composite Index by 1.57% this week [9]. Core Insights - Oil prices have remained volatile, influenced by geopolitical developments, particularly the progress in Russia-Ukraine negotiations and the fluctuating situation in Venezuela, which has led to a widening discount on Venezuelan oil [14]. - The average operating rate of domestic refineries is stable at 75.11%, while the average refining profit for major refineries is reported at 613.88 CNY/ton, showing a decrease from the previous period [3]. - The polyester sector is experiencing weak demand as the year-end approaches, with expectations of reduced operating rates for weaving machines [3]. - The ethylene market remains stable, with domestic prices holding steady, while propylene prices have seen a slight decline due to ample supply [3]. Summary by Sections Market Overview - The petrochemical sector has outperformed the Shanghai Composite Index, with various indices showing mixed performance, such as the polyester index increasing by 4.65% [9][10]. Oil and Gas Sector - As of December 18, WTI crude oil is priced at 56.15 USD, down by 1.45 USD, while Brent crude is at 61.43 USD, down by 0.95 USD. The U.S. commercial crude oil inventory decreased by 1.274 million barrels [14]. - The U.S. active oil rig count increased by 1 to 414 rigs, indicating a slight uptick in exploration activity [14]. Refining Sector - The average refining profit for major refineries is reported at 613.88 CNY/ton, a decrease of 31.59 CNY/ton from the previous period [3]. - The average operating rate for major refineries is stable at 75.11% [3]. Polyester Sector - The average profit for polyester products shows a decline, with POY150D at 38.35 CNY/ton, down by 71.09 CNY/ton, and FDY150D at -166.66 CNY/ton, down by 81.13 CNY/ton [3]. - PTA processing fees have slightly decreased to 156.51 CNY/ton, indicating ongoing challenges in profitability within the sector [3]. Olefins Sector - Ethylene prices remain stable at 6172 CNY/ton, while propylene prices in Shandong have decreased to 5955 CNY/ton, reflecting a 2.22% decline [3].

Summary of Key Points from the Conference Call Industry Overview - The report focuses on the **Asia Oil & Gas** sector, particularly the dynamics of **natural gas supply and demand in China** and the implications of increased Russian gas imports through the **Power of Siberia 2 (PoS-2)** pipeline [1][2][3][10]. Core Insights and Arguments - **Gas Demand Projections**: China's gas demand is projected to peak at **563 bcm/y by 2035**, which is **5 years earlier** than the estimates from state-owned oil and gas majors, who expect it to peak at **620 bcm/y** [2][25]. - **Slowing Demand Growth**: The growth rate of gas demand in China may slow due to a shift towards electrification and a peak in the coal-to-gas transition. The apparent consumption of natural gas dropped **0.3% year-on-year** in the first ten months of 2025, with LNG imports declining by **16% year-on-year** [2][16]. - **Russian Gas Influx**: By 2035, it is estimated that **68 bcm** of natural gas could be delivered to China from Russia, representing a **62% increase** from the **42 bcm** expected in 2024. This would account for **26%** of China's total gas imports [3][4][10]. - **Impact on Pricing**: The influx of Russian gas, particularly through PoS-2, could exert downward pressure on regional gas prices, as China consumes **28%** of all LNG imports in Asia [4][10]. - **Utilities and Infrastructure Benefits**: Improved gas supply sufficiency could benefit downstream utilities by lowering input costs, enhancing margins, and increasing competitiveness against alternative fuels. Target prices for companies like **ENN** have been raised from **HKD 74** to **HKD 79** based on lower debt costs [5][10]. Additional Important Insights - **Supply-Demand Scenarios**: The report examines various scenarios for gas demand and supply, considering factors such as industrial output and the development of green liquid hydrocarbons. A potential supply glut in 2026 and beyond is anticipated, leading to moderation in pricing [2][10]. - **Long-term Outlook**: The report suggests that if energy transition and piped imports from Russia ramp up quicker than expected, the availability of gas could become looser after 2030, reducing reliance on LNG imports [2][10]. - **Investment Recommendations**: The report recommends buying stocks of **ENN**, **Kunlun**, **PetroChina**, and **GAIL**, which are expected to benefit from the evolving gas supply landscape [5][10]. Conclusion - The evolving dynamics of China's natural gas market, influenced by increased Russian imports and a shift towards electrification, suggest a potential oversupply scenario in the coming years. This could lead to lower prices and create opportunities for utilities and infrastructure operators in the region [2][10].

Investment Rating - The report maintains a "Buy" rating for the following companies: China National Petroleum Corporation (PetroChina), China National Offshore Oil Corporation (CNOOC), China Petroleum & Chemical Corporation (Sinopec), Zhongman Petroleum and Natural Gas, and New Natural Gas [2][3]. Core Views - The report highlights concerns over oil price weakness due to supply surplus fears, exacerbated by geopolitical tensions and sanctions affecting Venezuela [7][10]. - It suggests that the oil price has a floor, with stable earnings expected for oil companies, particularly those with low production costs and high dividends [12]. - The report emphasizes the importance of focusing on industry leaders with strong performance stability and high dividends, particularly PetroChina and Sinopec [12]. Summary by Sections 1. Weekly Insights - Oil prices have shown weakness amid concerns of oversupply and geopolitical tensions, particularly regarding Venezuela and the Russia-Ukraine conflict [7][10]. - The Brent crude oil futures price settled at $60.47 per barrel, down 1.06% week-on-week, while WTI futures settled at $56.52 per barrel, down 1.60% [10][36]. 2. Market Performance - As of December 19, the CITIC Petroleum and Chemical sector rose by 1.9%, outperforming the CSI 300 index, which fell by 0.3% [14][17]. - The report notes that the other petrochemical sub-sector had the highest weekly increase of 5.1% [17]. 3. Company Performance - The report lists the top performers in the petroleum and petrochemical sector, with Shengtong Energy leading at a 61.06% increase [18]. - Conversely, Heshun Petroleum experienced the largest decline at 9.70% [18]. 4. Industry Dynamics - The report discusses the stable growth in natural gas production, with November output reaching 21.9 billion cubic meters, a 5.7% year-on-year increase [21]. - It also notes that OPEC's total oil production remained stable at 2,848 million barrels per day in November [56]. 5. Oil and Gas Price Tracking - The report provides detailed tracking of oil and gas prices, indicating a decline in both Brent and WTI crude oil prices compared to the previous week [36][45]. - Natural gas prices also showed a decrease, with NYMEX natural gas futures closing at $4.03 per million British thermal units, down 1.83% week-on-week [45].

Core Insights - The 2025 International Energy Development Summit indicates a significant shift in the global energy landscape, with China expected to reach a record crude oil production of 215 million tons and natural gas production of 260 billion cubic meters, marking a 35% increase from the end of the 13th Five-Year Plan [1] Group 1: China's Energy Production - China's crude oil production is projected to hit 215 million tons, a historic high, while natural gas production is set to reach 260 billion cubic meters, reflecting a substantial increase in energy self-sufficiency [1] - The increase in domestic energy production allows China to transition from being an "oil-poor" nation to an energy powerhouse, reshaping its role in global energy markets [1] Group 2: Sino-Russian Energy Relations - The deepening energy trade between China and Russia is transforming from a one-way dependency to a mutually beneficial partnership, with China now providing a stable market for Russian energy exports while enhancing its own energy security [1][6] - The "Power of Siberia 1" pipeline has increased oil supply to China to 30 million tons annually, while the upcoming "Power of Siberia 2" pipeline will add 50 billion cubic meters of natural gas, diminishing the significance of U.S. maritime blockades [3] Group 3: U.S. Energy Strategy and Global Implications - The U.S. has attempted to contain China through energy blockades, but China's rising energy production has positioned it as a stabilizing force in the global energy market, undermining U.S. strategies [3][8] - The dominance of the U.S. dollar in global oil transactions is weakening, with 99% of Sino-Russian energy trade now conducted in local currencies, and the share of dollar-denominated oil transactions dropping to 72% [3][6] Group 4: Historical Context and Future Outlook - China's energy development is the result of decades of effort and technological advancements, transitioning from a mere 120,000 tons of oil production in 1949 to a comprehensive oil and gas exploration and production system today [5][6] - Future projections indicate that China's oil and gas production will continue to grow, with crude oil production expected to stabilize at 200 million tons and natural gas production potentially reaching 300 billion cubic meters by 2030 [8]

央视网消息：12月20日，记者从中国石油获悉，位于塔克拉玛干沙漠腹地的我国最大超深油田——富满油田年产油气达460万吨，创造历史新 高，标志着我国10亿吨级超深油气储量区的勘探开发取得重要进展，为我国深地能源保障增添了重要支撑。 富满油田是我国深地能源保障重点工程，油区面积1.7万平方千米，也是我国发现的埋藏最深、规模最大的超深原油上产区。近期，油田重点 生产井富满502H3井顺利投产，这口井钻井深度达8380米，投产后日产油120吨，是今年钻探的47口8000米级深井之一。截至目前，这批深井 试油平均日产油达百吨，展现出超深层油气的丰厚潜力。 赵龙飞称："明年我们计划继续向沙漠腹地超深层加快勘探开发步伐， 2026年度探井、开发井已经部署了23口，已开钻6口，计划本月再开钻4 口，在上万平方公里的土地上推动沙漠超深层油气加快开采。" 中国石油塔里木油田勘探开发研究院富满项目副经理赵龙飞称："工程方面，今年一大批8000米级深井实现百日左右完钻，钻井速度明显加 快。地质方面，主干断裂旁发现一大批次级断裂富含油气，相当于之前在大血管打井，现在在毛细血管打的井也出油了，实现了工程地质双突 破。" 富满油田所在的塔 ...

Core Viewpoint - The China National Petroleum Corporation (CNPC) is leveraging AI technology and innovative artistic expressions to create short films that highlight the emotional and professional lives of oil workers, showcasing their dedication and spirit [2][4][5]. Group 1: Innovation in Cultural Expression - CNPC's cultural workers have guided the creation of three micro-dramas, which have gained recognition at the Hong Kong Peony International Film Festival, with "Nothing" winning the "Best Producer Award" in the short film category [2][4]. - The initiative aims to engage young creators and utilize popular short video formats to tell the stories of oil workers, thereby enhancing the cultural narrative within the industry [4][5]. - The "Cultural CNPC" app, described as "the TikTok for oil workers," provides a platform for employees to share their daily experiences through short videos, facilitating a shift from one-way communication to collaborative storytelling [5][6]. Group 2: The Essence of Oil Spirit - The core values of the oil spirit remain unchanged, as demonstrated during the 75th anniversary celebration of CNPC, where real-life stories from the oil industry were presented through various artistic forms [6][7]. - A poignant story involving a 20 yuan "will" written by a technician during a crisis exemplifies the selflessness and dedication of oil workers, which has inspired multiple artistic creations [7][8]. - CNPC's cultural initiatives focus on capturing the essence of oil workers' experiences and promoting their stories to a broader audience, emphasizing themes of patriotism, entrepreneurship, and dedication [6][8]. Group 3: Cultural Impact and Community Engagement - The song "At the Summit of Ten Thousand Meters," created to commemorate a significant drilling achievement, has resonated deeply with oil workers, reflecting their pride and experiences [8][9]. - The CNPC cultural team encourages employee participation in the creative process, ensuring that the narratives resonate with the workforce and foster a sense of community [9][10]. - The overarching goal is to modernize the storytelling approach, making it more relatable and accessible to younger audiences while preserving the rich heritage of the oil industry [9][10].

富满油田所在的塔里木油田是我国西部重要的油气生产基地，截至12月15日，塔里木油田今年已从超深地层采出油气突破2000万吨，是我国超深油气产量最 高的油田。 今天（12月20日），记者从中国石油获悉，位于塔克拉玛干沙漠腹地的我国最大超深油田——富满油田年产油气达460万吨，创造历史新高，标志着我国10 亿吨级超深油气储量区的勘探开发取得重要进展，为我国深地能源保障增添了重要支撑。 富满油田是我国深地能源保障重点工程，油区面积1.7万平方千米，也是我国发现的埋藏最深、规模最大的超深原油上产区。近期，油田重点生产井富满 502H3井顺利投产，这口井钻井深度达8380米，投产后日产油120吨，是今年钻探的47口8000米级深井之一。截至目前，这批深井试油平均日产油达百吨， 展现出超深层油气的丰厚潜力。 中国石油塔里木油田勘探开发研究院富满项目副经理赵龙飞表示，明年计划继续向沙漠腹地超深层加快勘探开发步伐，2026年度探井、开发井已经部署了23 口，已开钻6口，计划今年12月再开钻4口，在上万平方公里的土地上推动沙漠超深层油气加快开采。 （总台央视记者 朱江 张伟） ...

每经AI快讯，中国石油（SH 601857，收盘价：9.65元）12月19日晚间发布公告称，公司第九届第十六 次董事会会议于2025年12月19日在北京以现场及视频连线方式召开。会议审议了《关于公司2026年度财 务预算方案的议案》等文件。 （记者 曾健辉） 2025年1至6月份，中国石油的营业收入构成为：销售占比79.76%，炼油与化工占比38.05%，勘探与生 产占比28.49%，天然气与管道占比21.24%，其他业务占比2.03%。 截至发稿，中国石油市值为17662亿元。 每经头条（nbdtoutiao）——海南封关首日直击：为中国探路，全球最大自贸港如何重塑开放边界？ ...