行业研究——周报：原油周报：OPEC+延长220万桶/天减产至2025Q1

Investment Rating - The report maintains a positive investment rating for the oil processing industry [2]. Core Views - The report emphasizes that the current oil price cycle is fundamentally driven by supply-side factors, with OPEC+ extending production cuts to support oil prices [2][13][15]. - It highlights that despite concerns over oil demand, the supply constraints and geopolitical tensions continue to support high oil prices in the medium to long term [15][17]. Summary by Sections Oil Price Review - As of December 6, 2024, Brent and WTI crude oil prices were $71.12 and $67.20 per barrel, respectively, reflecting a decrease of 1.00% and 1.18% from the previous week [2][22]. Oil Price Outlook - The report suggests that the U.S. shale oil production faces limitations due to resource degradation and rising costs, while OPEC+ maintains a strong commitment to controlling prices through production cuts [14][15]. - It predicts that global oil demand will continue to grow from 2024 to 2026, leading to sustained high oil prices due to supply constraints [14][15]. Oil Supply - U.S. crude oil production was reported at 13.51 million barrels per day as of November 29, 2024, with an increase of 20,000 barrels per day from the previous week [2][3]. - The report notes that the number of active drilling rigs in the U.S. increased to 482, indicating ongoing production activity [3]. Oil Demand - U.S. refinery crude oil processing reached 16.91 million barrels per day, with a utilization rate of 93.30%, reflecting a rise of 2.8 percentage points from the previous week [3]. Oil Inventory - As of November 29, 2024, total U.S. crude oil inventories decreased by 3.628 million barrels to 815 million barrels, a decline of 0.44% [3]. Performance of Oil and Petrochemical Sector - The oil and petrochemical sector saw a 2.02% increase as of December 6, 2024, outperforming the broader market [17]. - The oil service engineering sector rose by 3.92%, while the oil and gas extraction sector increased by 3.53% [17]. Price Changes of Different Crude Oil Varieties - Brent crude oil price decreased by 1.00% over the past week, while WTI and Urals crude oil prices fell by 1.18% and 1.90%, respectively [24].