Minsheng Securities·2025-08-10 14:25Investment Rating - The report maintains a "Buy" rating for key companies in the oil and gas sector, including China National Petroleum Corporation, China National Offshore Oil Corporation, Sinopec, Zhongman Petroleum, and New Natural Gas [4]. Core Insights - OPEC+ has decided to increase production by 547,000 barrels per day in September, completing its plan to restore 2.2 million barrels per day ahead of schedule [1][8]. - The geopolitical landscape is shifting, with the U.S. imposing additional tariffs on Indian goods, which may impact oil supply dynamics [1][8]. - The report suggests monitoring the progress of U.S.-Russia talks, as breakthroughs could lead to short-term oil price declines, while stagnation may keep prices volatile [1][8]. - Brent crude oil price is expected to find solid support at $60 per barrel due to lower-than-expected U.S. production increases [1][8]. Summary by Sections Oil and Gas Price Performance - As of August 7, Brent crude oil futures settled at $66.43 per barrel, down 4.65% week-on-week, while WTI futures settled at $63.88 per barrel, down 5.12% [9][36]. - The NYMEX natural gas futures closed at $3.00 per million British thermal units, down 3.20% week-on-week [44][45]. Supply and Demand Dynamics - U.S. crude oil production decreased to 13.28 million barrels per day, down 30,000 barrels per day week-on-week, while refinery throughput increased to 17.12 million barrels per day, up 210,000 barrels per day [9][10]. - U.S. commercial crude oil inventories fell by 3.03 million barrels to 42.366 billion barrels as of August 1 [10]. Company Performance - The report highlights that the oil and gas sector has shown resilience, with the CITIC Petroleum and Petrochemical sector rising by 1.3% as of August 8, outperforming the broader market indices [12][15]. - Key companies such as Zhongman Petroleum and New Natural Gas are recommended for their growth potential and resource advantages [11][12]. Market Outlook - The report anticipates that oil prices will remain supported due to ongoing geopolitical tensions and production adjustments by OPEC+ [1][8]. - The overall sentiment in the oil market is cautious, with potential for volatility based on geopolitical developments and economic indicators [1][8].