Soochow Securities·2025-09-14 09:45Report Title - "Crude Oil Weekly Report: OPEC+ Rapidly Increases Production, International Oil Prices Decline" [1] Report Date - September 14, 2025 [1] Report Authors - Energy and Chemical Chief Securities Analyst: Chen Shuxian, CFA [1] - Energy and Chemical Analyst: Zhou Shaowen [1] Industry Investment Rating - Not provided in the given content Core Viewpoints - This week, Brent/WTI crude oil futures had weekly average prices of $66.7/$62.7 per barrel, down $0.8/$1.2 from last week respectively. In the US, crude oil production, inventory, and the number of active rigs and fracturing fleets increased, while refinery processing volume decreased, and import and export volumes changed. US refined oil prices, inventory, production, and demand also showed various changes. [2] Summary by Relevant Catalogs 1. Crude Oil Weekly Data Briefing - Upstream Key Company Performance: For example, China National Offshore Oil Corporation (600938.SH) had a weekly increase of 2.2%, and China National Petroleum Corporation (601857.SH) had a weekly decrease of 2.4%. [8][9] - Crude Oil Price: Brent, WTI, Russian Urals, and Russian ESPO crude oil prices had different degrees of decline compared to last week. [9] - Crude Oil Inventory: US total crude oil inventory, commercial crude oil inventory, strategic crude oil inventory, and Cushing crude oil inventory were 8.3/4.2/4.1/0.2 billion barrels respectively, with weekly changes of +445/+394/+51/-37 million barrels. [2][9] - Crude Oil Production: US crude oil production was 13.5 million barrels per day, up 70,000 barrels per day from last week. The number of active crude oil rigs was 416, up 2, and the number of active fracturing fleets was 164, up 5. [2][9] - Refinery Data: US refinery crude oil processing volume was 16.82 million barrels per day, down 50,000 barrels per day, and the refinery operating rate was 94.9%, up 0.6 pct. [2][9] - Import and Export Volume: US crude oil imports, exports, and net imports were 6.27/2.75/3.53 million barrels per day, with weekly changes of -47/-114/+67 million barrels per day. [2][9] - Refined Oil Data: US gasoline, diesel, and jet fuel had weekly average prices of $83/$97/$90 per barrel, down $1.8/$1.5/$4.1 from last week respectively. Inventory, production, demand, and import and export volumes also changed. [2][11] 2. This Week's Petroleum and Petrochemical Sector Market Review - Petroleum and Petrochemical Sector Performance: Not detailed in the given content - Sector Listed Company Performance: Many listed companies in the petroleum and petrochemical sector showed different degrees of rise and fall this week. For example, Sinopec Oilfield Service Corporation (600871.SH) had a weekly increase of 3.4%, and China Petroleum & Chemical Corporation (600028.SH) had a weekly decrease of 1.2%. [24] 3. Crude Oil Sector Data Tracking - Crude Oil Price: Analyzed the price relationships and spreads among various types of crude oil, such as Brent, WTI, Russian Urals, and Russian ESPO, as well as the relationships between the US dollar index, LME copper price, and WTI crude oil price. [9][38] - Crude Oil Inventory: Studied the correlations between US commercial crude oil inventory and oil prices, and changes in US total crude oil inventory, commercial crude oil inventory, strategic crude oil inventory, and Cushing crude oil inventory. [45][49] - Crude Oil Supply: Focused on US crude oil production, the number of oil rigs, and the number of fracturing fleets, and their relationships with oil prices. [60][62] - Crude Oil Demand: Mainly looked at US refinery processing volume and operating rate. [9] - Crude Oil Import and Export: Analyzed US crude oil import, export, and net import volumes. [78] 4. Refined Oil Sector Data Tracking - Refined Oil Price: Analyzed the price adjustment rules of domestic refined oil based on international oil prices, and the price relationships and spreads between crude oil and refined oil in the US, Europe, and Singapore. [89][116] - Refined Oil Inventory: Studied the inventory changes of US gasoline, diesel, jet fuel, and Singapore gasoline and diesel. [11][130] - Refined Oil Supply: Focused on US gasoline, diesel, and jet fuel production. [152] - Refined Oil Demand: Mainly looked at US gasoline, diesel, and jet fuel consumption and the number of US airport passenger security checks. [156][157] - Refined Oil Import and Export: Analyzed US gasoline, diesel, and jet fuel import, export, and net export volumes. [170][173] 5. Oil Service Sector Data Tracking - Day Rate: Presented the average daily rates of self - elevating drilling platforms and semi - submersible drilling platforms. [187][188] Recommended Companies - Recommended companies include CNOOC Limited (600938.SH/0883.HK), PetroChina Company Limited (601857.SH/0857.HK), Sinopec (600028.SH/0386.HK), CNOOC Oilfield Services Limited (601808.SH), Offshore Oil Engineering Co., Ltd. (600583.SH), and CNOOC Energy Technology & Services Limited (600968.SH). Companies to be concerned about include Sinopec Oilfield Service Corporation (600871.SH/1033.HK), China Petroleum Engineering & Construction Corporation (600339.SH), and Sinopec Machinery Co., Ltd. (000852.SZ) [3]