原油周报：OPEC+原则上同意10月增产，国际油价下跌-20250907

Investment Rating - The industry investment rating is "Positive" [1] Core Viewpoints - The report highlights a recent decline in international oil prices, with Brent and WTI prices at $65.50 and $61.87 per barrel respectively as of September 5, 2025, influenced by geopolitical tensions and OPEC+ decisions to increase production [2][8] - OPEC+ has agreed to increase production by 137,000 barrels per day starting in October, which is expected to exert further pressure on oil prices [2][8] - The report notes a slight decrease in U.S. crude oil production to 13.423 million barrels per day, alongside an increase in active drilling rigs and fracturing fleets [2][56] Summary by Sections Oil Price Review - Brent crude futures settled at $65.50 per barrel, down $1.98 (-2.93%) from the previous week, while WTI futures fell to $61.87, down $2.14 (-3.34%) [2][27] - Russian Urals crude remained stable at $65.49 per barrel, while ESPO crude dropped to $62.78, down $0.91 (-1.43%) [27] Offshore Drilling Services - As of September 1, 2025, the number of global offshore self-elevating drilling rigs was 372, a decrease of 1 rig from the previous week [38] - The number of floating drilling rigs increased by 2 to a total of 133 [38] U.S. Crude Oil Supply - U.S. crude oil production was reported at 13.423 million barrels per day, a decrease of 16,000 barrels from the previous week [56] - The number of active drilling rigs in the U.S. increased by 2 to 414 [56] U.S. Crude Oil Demand - U.S. refinery crude processing averaged 16.869 million barrels per day, down 11,000 barrels from the previous week, with a refinery utilization rate of 94.30%, down 0.3 percentage points [66] U.S. Crude Oil Inventory - Total U.S. crude oil inventories reached 825 million barrels, an increase of 2.924 million barrels (+0.36%) from the previous week [75] - Strategic oil reserves were at 405 million barrels, up 509,000 barrels (+0.13%) [75] Related Companies - Key companies mentioned include China National Offshore Oil Corporation (CNOOC), China Petroleum & Chemical Corporation (Sinopec), and PetroChina [2]