2024年09月【深度报告】石油天然气行业月度研究—石油天然气专题

Investment Rating - The report does not explicitly provide an investment rating for the oil and gas industry. Core Insights - OPEC+ has continued to reduce oil production to maintain high prices, with September 2024 production at 26.044 million barrels per day, down 604,000 barrels from August [1][2] - International oil prices have shown a fluctuating trend, with Brent and WTI averaging $81.55 and$76.99 per barrel respectively from January to September 2024, indicating a slight year-on-year change [2][11] - China's oil and gas production has been on the rise, with crude oil output increasing by 2.1% to 143 million tons and natural gas output rising by 6.6% to 163.66 billion cubic meters in the first eight months of 2024 [2][21] Summary by Sections OPEC Production and Price Trends - OPEC+ has voluntarily reduced oil output since 2023 to sustain high prices, with significant declines in production noted in September 2024 [1][6] - The report highlights a downward adjustment in global oil demand forecasts by OPEC, reflecting concerns over economic slowdown [6][11] Domestic Oil and Gas Production - China's oil and gas production has shown consistent growth, with notable increases in both crude oil and natural gas output in 2024 [2][21] - The report attributes the growth in natural gas production to adjustments in domestic pricing mechanisms and market stimulation [2][21] Technological Advancements and Exploration - The report emphasizes the need for enhanced deep-sea exploration due to the increasing difficulty in accessing quality oil and gas resources domestically [3][49] - The successful operation of the "Deep Sea No. 1" Phase II project in September 2024 marks a significant advancement in China's deep-sea production capabilities [3][52] Market Dynamics and Company Performance - New潮能源 has reported a 9.27% increase in revenue for the first half of 2024, driven by rising oil prices and increased production [30][31] - 杰瑞股份 has maintained stable profitability despite a decline in revenue, focusing on global market expansion and technological innovation [38][41] Regulatory Changes and Green Transition - The introduction of new regulations in the natural gas sector aims to enhance efficiency and promote sustainable practices within the industry [47][48] - The report outlines the government's commitment to integrating oil and gas exploration with renewable energy initiatives as part of a broader green transition strategy [49][50]