石油石化行业：原油价格下降，中国原油进口数量提升

Investment Rating - The industry investment rating is "Positive" [4] Core Insights - Crude oil prices have decreased, with Brent crude futures settling at $60.75 per barrel, down 2.72% month-on-month, and WTI crude futures at $57.32 per barrel, down 2.25% [1][8] - China's crude oil imports increased by 5.23% month-on-month, reaching 5,089,000 tons in November 2025, while exports saw a significant decline of 53.83% [3][47] - In the U.S., refinery capacity utilization rose to 94.7%, an increase of 0.6 percentage points, and gasoline supply increased by 2.85% [2][31] Summary by Sections 1. Crude Oil Prices - Brent crude futures price is $60.75 per barrel, down 2.72% [1][8] - WTI crude futures price is $57.32 per barrel, down 2.25% [1][8] - OPEC crude price is $61.78 per barrel, down 4.16% [16][18] - ESPO crude price is $48.91 per barrel, down 6.39% [20][21] 2. Supply and Demand - OPEC crude production decreased by 1,000 barrels per day in November 2025, remaining at 28,480,000 barrels per day [23] - U.S. refinery crude production increased by 0.73 million barrels per day, reaching 16.61 million barrels per day [26] - U.S. gasoline supply increased to 8,563 thousand barrels per day, up 2.85% [31] 3. Inventory - U.S. total crude and petroleum product inventory rose by 0.67%, totaling 1,698,998 thousand barrels [39] - U.S. gasoline inventory increased by 9.29%, reaching 234,334 thousand barrels [41] 4. Imports and Exports - U.S. crude oil imports averaged 6,170.40 thousand barrels per day, up 8.44% [3][47] - U.S. crude oil exports increased to 3,932.25 thousand barrels per day, up 10.88% [50] - China's crude oil exports fell significantly by 53.83% [3][47]