原油周报：地缘局势+美联储降息支撑，油价区间震荡-20251214

Investment Rating - The industry investment rating is "Positive" [1] Core Views - The report highlights that international oil prices have been fluctuating downwards due to oversupply pressures and geopolitical tensions, despite support from the Federal Reserve's interest rate cuts [2][9] - Brent crude oil futures settled at $61.12 per barrel, down $2.63 (-4.13%) from the previous week, while WTI crude oil futures settled at $57.44 per barrel, down $2.64 (-4.39%) [23] - The report indicates a significant increase in U.S. crude oil production, reaching 13.853 million barrels per day, with active drilling rigs increasing to 414 [40][41] Summary by Sections Oil Price Review - As of December 12, 2025, Brent and WTI oil prices were $61.12 and $57.44 per barrel, respectively, reflecting a decline of 4.13% and 4.39% from the previous week [23][9] Offshore Drilling Services - The number of global offshore self-elevating drilling platforms remained at 368, while floating drilling platforms decreased to 129 [26] U.S. Crude Oil Supply - U.S. crude oil production was reported at 13.853 million barrels per day, an increase of 38,000 barrels from the previous week [40] - The number of active drilling rigs in the U.S. increased by one to 414 [40] U.S. Crude Oil Demand - U.S. refinery crude oil processing decreased to 16.86 million barrels per day, with a refinery utilization rate of 94.50%, up 0.4 percentage points from the previous week [51] U.S. Crude Oil Inventory - Total U.S. crude oil inventory was 838 million barrels, a decrease of 1.564 million barrels (-0.19%) from the previous week [58] - Strategic oil reserves increased by 248,000 barrels (+0.06%) to 412 million barrels [58] Related Stocks - Key stocks in the sector include China National Offshore Oil Corporation (CNOOC), China Petroleum & Chemical Corporation (Sinopec), and China National Petroleum Corporation (CNPC) [3]