智通财经网·2025-11-05 01:53Group 1: Oil Market Overview - The report from China Galaxy Securities predicts that Brent crude oil prices will fluctuate between $60 and $67 per barrel in November, with a focus on supply-demand dynamics [1] - In October, the average prices for Brent and WTI crude oil were $64.0 and $60.0 per barrel, respectively, reflecting a month-on-month decrease of 5.4% and 5.5% [1] - OPEC+ has agreed to increase oil production by 137,000 barrels per day starting December, marking the eighth consecutive month of production increases, which raises expectations for near-term global oil supply [1] Group 2: Domestic Oil Demand and Supply - From January to September, China's apparent crude oil demand increased by 1.9% year-on-year, with crude oil processing at 551 million tons, up 3.7% [2] - China's crude oil production reached 163 million tons, a year-on-year increase of 1.7%, while crude oil imports totaled 423 million tons, reflecting a 2.6% increase [2] - The external dependency on crude oil remains high at 72.7% [2] Group 3: Natural Gas Market - In the same period, China's apparent natural gas demand saw a slight increase of 0.9% year-on-year, with natural gas production at 1,949 billion cubic meters, up 6.5% [3] - Natural gas imports decreased by 5.9% year-on-year, totaling 1,285 billion cubic meters, while the external dependency on natural gas was recorded at 40.4%, showing a year-on-year decline [3] Group 4: Refined Oil Products - From January to September, China's apparent demand for refined oil products decreased by 2.2% year-on-year, with refined oil production at 308 million tons, down 2.7% [4] - The export volume of refined oil products was 2.7 million tons, a decrease of 7.2% year-on-year, influenced by export quotas and domestic consumption needs [4] - The apparent consumption of gasoline, kerosene, and diesel showed year-on-year changes of -4.8%, +3.7%, and -1.3%, respectively [4]