2025年原油市场回顾与2026年展望：原油：寻底之路，蓄势待机

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report No clear core viewpoints are presented in the given content. 3. Summary by Directory 3.1 Crude Oil Market Trend Review - Reviews the historical trends of crude oil from 1983 - 2025 and the trend in 2025 [4][5] - Analyzes the trading volume and open interest of domestic crude oil futures [4] 3.2 Macroeconomic Analysis No detailed content is provided, but it includes IMF's global economic growth forecast, relationships between global and major - country manufacturing PMI, CPI, PPI, and oil prices [5] 3.3 Crude Oil Supply Analysis - Global crude oil supply is expected to maintain growth in 2026 [4] - OPEC+ suspended production increases in Q1 2026 but may continue to release production capacity later [4] - US crude oil output will slow down further [4] - Global geopolitical turmoil continues to affect crude oil supply [4] 3.4 Crude Oil Demand Analysis - The growth rate of global oil demand is expected to decline [4] - The increase in US oil demand is limited [4] - European oil demand is expected to remain sluggish [4] - China's oil consumption has increased significantly [4] 3.5 Supply - Demand Balance Sheet Forecast - Presents EIA/OPEC/IEA's crude oil supply - demand balance data from 2021 - 2026, including total supply, total demand, and supply - demand differences [62] 3.6 Crude Oil Options Analysis - Analyzes the trading volume and open interest of crude oil options [4] - Analyzes crude oil options strategies [4] 3.7 Technical and Seasonal Analysis - Conducts technical analysis [4] - Conducts seasonal analysis [4] 3.8 Outlook for the Future No detailed content is provided. 3.9 Statistics of Related Stock Prices and Price Changes - Lists the stock abbreviations, codes, latest prices, and year - to - date price changes of multiple crude - oil - related stocks [79]