原油周报：OPEC+延长减产作用体现，国际油价震荡上行

Investment Rating - The report maintains a positive outlook on the oil and gas industry, with an investment rating of "Bullish" [1]. Core Insights - The report highlights that the recent fluctuations in international oil prices are influenced by OPEC+'s decision to extend production cuts, which has led to a tightening of global oil supply. As of December 13, 2024, Brent and WTI crude oil prices were reported at $74.49 and $71.29 per barrel, respectively [1][9]. - The analysis indicates that the current oil price cycle is fundamentally supply-driven, with several oil-producing countries shifting from a strategy of market share competition to one focused on price stabilization and revenue protection. This shift is particularly evident in the context of the U.S., Saudi Arabia, and Russia's evolving dynamics [10][11]. - The report anticipates that global oil demand will continue to grow in the medium to long term, despite economic slowdowns and energy transitions, leading to sustained high oil prices [10][11]. Summary by Sections Oil Price Review - As of December 13, 2024, international oil prices have shown an upward trend, with Brent crude increasing by 4.74% and WTI by 6.09% compared to the previous week [1][19]. 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 capacity to control prices through production adjustments. The long-term outlook indicates that oil prices are likely to remain at mid-high levels [10][11]. Oil Supply and Demand - U.S. crude oil production was reported at 13.63 million barrels per day as of December 6, 2024, with a slight increase from the previous week. The report also notes a decrease in active drilling rigs, indicating potential future supply constraints [1][2]. Oil Inventory - As of December 6, 2024, U.S. crude oil inventories totaled 814 million barrels, reflecting a decrease of 701,000 barrels from the previous week. Strategic reserves saw a slight increase, while commercial inventories decreased [2]. Related Companies - The report identifies key companies in the sector, including China National Offshore Oil Corporation (CNOOC), China Petroleum & Chemical Corporation (Sinopec), and China National Petroleum Corporation (PetroChina), among others, as potential investment targets [2].