今天，油价不调了！本轮成品油调价搁浅

Core Viewpoint - The recent round of refined oil price adjustments in China will not take place due to insufficient price changes during the monitoring period, despite fluctuations in international oil prices [1]. Group 1: Oil Price Trends - During the pricing cycle from July 29 to August 11, Brent crude oil futures initially rose from $70 per barrel to $73, before declining for six consecutive working days to around $66 [5]. - The increase in oil prices was influenced by expectations of improved economic activity following a trade agreement between the U.S. and EU, and potential easing of U.S.-China trade tensions [5]. - The subsequent decline in oil prices was attributed to supply pressures from OPEC+ announcing an increase in oil production by 547,000 barrels per day for September, and market expectations of a potential easing of Russian oil export restrictions [5]. Group 2: Demand Factors - Weak U.S. non-farm employment data for July, with only 73,000 new jobs added and an unemployment rate rising to 4.2%, raised concerns about economic activity and oil demand [5]. - The implementation of new tariffs by the U.S. on multiple countries starting August 7 has further fueled worries about a slowdown in global economic activity, negatively impacting oil demand [5]. Group 3: Future Outlook - The National Development and Reform Commission (NDRC) anticipates that OPEC+'s stance on increasing production and the ongoing global economic challenges will continue to exert downward pressure on international oil prices in the short term [5]. - Close attention is required regarding future U.S. tariff policies towards India and China, as these could further influence oil demand dynamics [5].