Xinda Securities·2025-04-10 11:34Investment Rating - The report does not explicitly state an investment rating for the oil processing industry Core Insights - The report highlights a downward adjustment in the 2025 crude oil inventory forecast by EIA, indicating a more cautious outlook on supply and demand dynamics in the oil market [1][20] Summary by Sections Crude Oil Price Overview - As of April 9, 2025, Brent crude, WTI, Russian ESPO, and Russian Urals prices were $65.48, $62.35, $56.53, and $65.49 per barrel respectively, with month-to-date changes of -5.48% for Brent and -5.57% for WTI [7][8] Crude Oil Inventory - As of April 4, 2025, total U.S. crude oil inventory was 83,905.5 million barrels, with a month-on-month increase of 824.4 million barrels [14][19] - IEA, EIA, and OPEC predict global crude oil inventory changes for 2025 to be +57.52, +3.11, and -138.23 thousand barrels per day respectively, with an average forecast change of -25.87 thousand barrels per day [20] Crude Oil Supply - The 2025 global crude oil supply forecasts by IEA, EIA, and OPEC are 10,448.69, 10,416.72, and 10,381.77 million barrels per day respectively, reflecting increases from 2024 [26] - For Q1 2025, the predicted year-on-year supply increments are +150.86, +120.55, and +144.82 thousand barrels per day from IEA, EIA, and OPEC respectively [26] Crude Oil Demand - The 2025 global crude oil demand forecasts by IEA, EIA, and OPEC are 10,391.17, 10,413.61, and 10,520.00 million barrels per day respectively, with year-on-year increases from 2024 [20] - For Q1 2025, the predicted year-on-year demand increments are +123.54, +188.93, and +144.24 thousand barrels per day from IEA, EIA, and OPEC respectively [20] Related Listed Companies - The report mentions several related companies including China National Offshore Oil Corporation (CNOOC), China Petroleum & Chemical Corporation (Sinopec), and China National Petroleum Corporation (PetroChina) [1][2]