Core Insights - Procter & Gamble (P&G) is experiencing a noticeable decline in consumer spending, indicating economic pressure on various income groups [1][2] - The company's net sales for Q4 increased by 2% to $20.9 billion, slightly above market expectations, with earnings per share rising by 17% to $1.48, largely due to a significant restructuring charge [1] - P&G forecasts sales growth for FY2026 to be between 1% and 5%, with earnings per share growth projected at 3% to 9% [1] Consumer Behavior - Consumers are depleting inventories, postponing non-essential purchases, and reducing store visits to avoid buying unnecessary items [1] - Both low-income and high-income consumers are seeking value, but they face different economic constraints [2] Market Conditions - Demand in the U.S. and Western Europe is slowing due to unstable macroeconomic conditions, geopolitical issues, and changing consumer dynamics [2] - P&G anticipates a $1 billion increase in annual costs due to tariffs, a revision from the previous estimate of $1 billion to $1.5 billion [1] Leadership Changes - CEO Jon Moeller will transition to Executive Chairman in January, with COO Shailesh Jejurikar taking over as CEO [2] - Under Moeller's leadership, P&G navigated post-pandemic sales surges and rising costs, with the company's stock price increasing approximately 13% during his tenure [2] Pricing Strategy - Starting this month, P&G will raise prices on about a quarter of its products in the U.S. to offset costs from new tariffs imposed by the Trump administration [2]

Group 1: Economic Sentiment - Over half of entrepreneurs and bankers view the current macroeconomic performance as stable and normal, holding a neutral to cautious attitude towards the overall economy [1][3] - The entrepreneur's business climate index and profit index both increased compared to the previous quarter, indicating a slight improvement in business sentiment [5] - The banker macroeconomic heat index decreased to 33.2%, with 61.9% of bankers believing the economy is performing normally, while 35.8% consider it "cold" [7][9] Group 2: Consumer Behavior - In the second quarter, nearly 70% of residents reported that their income situation remained unchanged, with a cautious outlook on employment [10][11] - A significant portion of residents (32.1%) indicated that they plan to increase spending on tourism, surpassing education as the top choice for additional expenditures [2][13] - The majority of residents expect prices and housing prices to remain stable in the next quarter, with 60.1% anticipating no change in prices and 56.8% expecting housing prices to remain unchanged [11]

Group 1: Economic Sentiment - Over half of entrepreneurs and bankers view the current macroeconomic performance as stable and normal, holding a neutral to cautious attitude towards the overall economy [1] - The entrepreneur's business climate index and profit index both increased compared to the previous quarter, indicating a slight improvement in sentiment [3] - The banker macroeconomic heat index decreased to 33.2%, with 61.9% of bankers considering the macroeconomic performance normal [4] Group 2: Price and Production Trends - The Producer Price Index (PPI) continues to show a year-on-year decline, with a significant percentage of entrepreneurs reporting stable product sales and raw material prices compared to the previous quarter [3] - The overall demand for loans has decreased, reflecting a cautious outlook in the banking sector [5] Group 3: Consumer Behavior - In a survey of urban residents, nearly 70% reported that their income remained unchanged in the second quarter, with a cautious outlook on employment [6] - The majority of residents expect prices and housing prices to remain stable in the next quarter, indicating a lack of inflationary pressure [6] - The top spending priority for residents in the next three months is tourism, surpassing education, with 32.1% planning to increase spending in this area [9]

Core Viewpoint - The People's Bank of China (PBOC) survey indicates a cautious yet stable outlook among entrepreneurs and bankers regarding the macroeconomic performance, with over half expressing a neutral stance towards the economy [1][6][10]. Group 1: Entrepreneur Insights - The business climate index and profit index for entrepreneurs have both increased compared to the previous quarter, indicating a slight improvement in sentiment [2][8]. - In the second quarter, 50.8% of entrepreneurs believe the macroeconomic performance is normal, while 48.6% view it as "cold" [6]. - The profit index for entrepreneurs stands at 53.2%, with 32.5% of entrepreneurs reporting an increase in profits or a reduction in losses, marking a 6.5 percentage point increase from the previous quarter [8]. Group 2: Banker Insights - The macroeconomic heat index for bankers is at 33.2%, showing a decline from the previous quarter, with 61.9% considering the economy normal and 35.8% perceiving it as "cold" [10]. - The bankers' perception of monetary policy is generally positive, with 50% rating it as accommodative, and their expectations for the third quarter have improved slightly [9][12]. Group 3: Consumer Insights - The urban residents' survey reveals that 69.7% of respondents feel their income remains unchanged in the second quarter [15]. - A significant portion of residents (51.5%) perceive the employment situation as severe, reflecting a cautious outlook on job prospects [16]. - When asked about future spending, tourism has surpassed education as the preferred category, with 32.1% of residents planning to increase spending in this area [21].

Core Viewpoint - The article highlights the trends in China's electricity market and industrial profits for the first half of 2025, indicating a mixed performance across different sectors and a notable increase in cross-regional electricity trading [1][3][4]. Electricity Market Summary - In the first half of 2025, the total electricity market trading volume reached 2.95 trillion kilowatt-hours, a year-on-year increase of 4.8%, accounting for 60.9% of the total electricity consumption, up by 0.52 percentage points [3]. - The provincial trading volume was 2.28 trillion kilowatt-hours, remaining flat year-on-year, while cross-regional trading volume was 670.7 billion kilowatt-hours, showing an 18.2% increase [3]. - In June 2025, the total electricity market trading volume was 502 billion kilowatt-hours, a 2.2% increase year-on-year, with cross-regional trading volume increasing by 11.1% to 117.4 billion kilowatt-hours [3]. Industrial Profit Summary - In the first half of 2025, profits of large-scale industrial enterprises decreased by 1.8% year-on-year, totaling 34,365 billion yuan [5]. - State-owned enterprises saw a profit decline of 7.6%, while foreign and Hong Kong-Macau-Taiwan invested enterprises experienced a profit increase of 2.5% [5]. - The mining sector faced a significant profit drop of 30.3%, while the manufacturing sector saw a profit increase of 4.5% [6]. - Notable profit growth was observed in sectors such as black metal smelting (up 13.7 times) and agricultural processing (up 22.8%) [6]. Revenue and Cost Analysis - In the first half of 2025, large-scale industrial enterprises achieved a total revenue of 66.78 trillion yuan, a 2.5% increase, with costs rising by 2.8% to 57.12 trillion yuan [7]. - The profit margin decreased to 5.15%, down by 0.22 percentage points year-on-year [7]. - By the end of June 2025, total assets of large-scale industrial enterprises reached 183.17 trillion yuan, a 5.1% increase, with liabilities growing by 5.4% to 105.98 trillion yuan [8]. Accounts Receivable and Inventory - By the end of June 2025, accounts receivable amounted to 26.69 trillion yuan, reflecting a 7.8% year-on-year increase, while finished goods inventory was 6.60 trillion yuan, up by 3.1% [9]. - The average collection period for accounts receivable increased to 69.8 days, up by 3.9 days year-on-year [10].

投资咨询业务资格：证监许可【2011】1778 号 1.有夜盘的品种以夜盘收盘价为起始价格，无夜盘的品种以昨日收盘价为起始价格，当日日盘收盘价为终点价格， 计算涨跌幅度。 2.跌幅大于 1%为下跌，跌幅 0~1%为震荡偏弱，涨幅 0~1%为震荡偏强，涨幅大于 1%为上涨。 3.震荡偏强/偏弱只针对日内观点，短期和中期不做区分。 主要品种价格行情驱动逻辑—商品期货 宝城期货贵金属有色早报（2025 年 7 月 29 日） ◼ 品种观点参考 时间周期说明：短期为一周以内、中期为两周至一月 | 品种 | | 短期 | 中期 | 日内 | 观点参考 | 核心逻辑概要 | | --- | --- | --- | --- | --- | --- | --- | | 黄金 | 2510 | 下跌 | 震荡 | 震荡 | 短线看弱 | 美对外关税协议逐步达成，市场 | | | | | | 偏弱 | | 风险偏好回升 | | 铜 | 2509 | 上涨 | 上涨 | 震荡 | 短线看强 | 市场消化美关税冲击后，内外宏 | | | | | | 偏强 | | 观经济回暖推升铜价 | 说明： 品种：黄金（AU） 日内观点：震荡偏弱 ...

Group 1 - Global financial markets are at a critical juncture, with rising copper prices signaling a recovery in market risk appetite following a trade agreement between the EU and the US [1] - The upcoming US-China meeting in Stockholm is expected to discuss extending the trade truce by 90 days, covering tariffs and cooperation in semiconductors and new energy [1] - The US Treasury Secretary indicated that negotiations may also address broader issues, including China's oil imports from Russia and Iran [1] Group 2 - Market focus this week includes the Federal Reserve's policy meeting, key economic data releases, and final details on US tariffs on industrial metals [1] - The market anticipates that the Federal Reserve will not lower interest rates in the upcoming meeting, but any changes in the policy statement will be crucial for future monetary direction [1] - The uncertainty surrounding US tariff policies has led to significant market reactions, with global traders accelerating copper shipments to the US to mitigate policy risks [2] Group 3 - Following the announcement of tariffs, US copper prices have maintained a premium over the London Metal Exchange (LME) benchmark, currently at approximately 31% [2] - As of 14:00 Beijing time, LME copper prices were reported at $9,800 per ton, with a daily increase of 0.1% and an intraday peak of 0.5% [2] - The short-term trajectory of copper prices will heavily depend on the finalization of US tariff details, alongside the Federal Reserve's policy direction and progress in US-China trade negotiations [2]

Economic Indicators - The ICHI Composite Economic Index indicates a short-term adjustment in the Chinese economy, with overall resilience in economic momentum[1] - The consumption index has slightly declined, likely due to the base effect from previous strong expansions, but overall resident demand remains stable[1] - The production and investment indices have both seen minor declines but are still close to the expansion zone, indicating overall stability in economic activities[1] Foreign Exchange Market - In the first half of 2025, the non-bank sector's cross-border receipts reached $7.6 trillion, a year-on-year increase of 10.4%, with the RMB accounting for over 50% of cross-border receipts[2] - The net inflow of enterprises and individuals was $127.3 billion, continuing the recovery trend from the second half of last year, reflecting active international economic exchanges[2] - The RMB appreciated by 1.9% against the USD in the first half of 2025, with a settlement rate maintained at 60% and a decrease in the selling rate year-on-year[2] Global Economic Trends - The US manufacturing PMI fell to 49.5 in July, indicating contraction, while the services PMI rose to 55.2, marking the highest level since December 2024[5] - The Eurozone's composite PMI increased to 51 in July, with the services PMI at 51.2 and manufacturing PMI at 49.8, showing a mixed economic outlook[6] - The US Treasury Secretary projected tariff revenues could reach 1% of US GDP, with a potential total of $2.8 trillion over the next decade[7]

1. Report Industry Investment Ratings No information about industry investment ratings is provided in the reports. 2. Core Views of the Reports - **Copper**: This week, several major macro - events are approaching. The Fed's interest - rate meeting and US copper tariffs are uncertain. If the tariffs are strictly enforced, they will pressure both SHFE and LME copper. The tight supply of copper raw materials persists, and short - term supply disruptions have increased. However, due to the seasonal weakness in downstream demand and the expected increase in imports, copper prices are expected to be limited in their upward movement and will mainly fluctuate weakly. The expected trading range for SHFE copper is 77,500 - 79,800 yuan/ton, and for LME copper 3M, it is 9,500 - 9,950 dollars/ton [1]. - **Aluminum**: The domestic black - series commodities have peaked and declined, and the approaching effective date of US new tariffs has cooled market sentiment. Although the domestic aluminum ingot inventory is at a relatively low level, which supports aluminum prices, the off - season in downstream demand and the weakening export demand limit the upward movement of aluminum prices. Overall, aluminum prices are expected to fluctuate weakly. The expected trading range for the domestic main contract is 20,200 - 20,800 yuan/ton, and for LME aluminum 3M, it is 2,550 - 2,660 dollars/ton [3]. - **Lead**: The supply of lead ingots is marginally tightening. The price of lead - acid batteries has stopped falling and stabilized, and with the approaching peak season, the procurement of downstream battery manufacturers is expected to improve. If the scale of inspections on smelters expands, both the single - side price and the month - to - month spread may strengthen. Currently, prices are greatly affected by capital sentiment, so be cautious about price fluctuations [4]. - **Zinc**: In the medium - to - long - term, zinc prices are expected to be bearish as the domestic zinc ore supply remains loose, the supply of zinc ingots is expected to increase significantly, and inventories are on the rise. In the short - term, the Fed's dovish stance has raised expectations of monetary easing, and there are still structural risks overseas. Prices are greatly affected by capital sentiment, so be cautious about price fluctuations [6]. - **Tin**: The supply of tin is at a low level, and demand is also weak, showing a short - term situation of weak supply and demand. Due to the strengthening expectation of Myanmar's resumption of production, tin prices are expected to fluctuate weakly in the short - term [7]. - **Nickel**: The price of nickel ore is expected to decline due to weak demand. Although the price of nickel - iron has stabilized and strengthened, there is still an oversupply pressure. The price of refined nickel is driven up by the increase in nickel - iron prices. In the context of high stainless - steel inventory, the oversupply situation is difficult to reverse. It is recommended to short on rallies. The expected trading range for SHFE nickel is 115,000 - 128,000 yuan/ton, and for LME nickel 3M, it is 14,500 - 16,500 dollars/ton [8][9]. - **Lithium Carbonate**: The news from the mining end has strengthened the bullish sentiment, but the actual fundamentals have not reversed. The spot market is cautious. Due to the high risk of continuous rallies in the commodity market, it is recommended that speculative funds observe cautiously. The expected trading range for the main contract on the GZEE is 76,500 - 81,100 yuan/ton [12]. - **Alumina**: The over - capacity pattern of alumina is difficult to change. With the decline in the short - term bullish sentiment in the commodity market and the expected alleviation of the shortage of circulating spot goods, it is recommended to short on rallies. The expected trading range for the domestic main contract AO2509 is 3,050 - 3,500 yuan/ton [14]. - **Stainless Steel**: The supply of stainless steel has tightened, and demand has shown signs of recovery, with an optimized supply - demand structure. However, the fundamental pattern of oversupply has not been substantially improved [17]. - **Cast Aluminum Alloy**: The downstream of cast aluminum alloy is in the off - season, with weak supply and demand. Although there is cost support, the upward pressure on prices is large due to the weakening commodity market atmosphere and the large difference between futures and spot prices [19]. 3. Summary by Metal Copper - **Price**: Last week, copper prices rose first and then fell. LME copper rose 0.02% to 9,796 dollars/ton, and the SHFE copper main contract closed at 78,800 yuan/ton [1]. - **Inventory**: The total inventory of the three major exchanges increased by 0.4 tons week - on - week. SHFE inventory decreased by 1.1 to 7.3 tons, LME inventory increased by 0.6 to 12.9 tons, and COMEX inventory increased by 0.8 to 22.6 tons. The inventory in Shanghai Free Trade Zone increased by 0.2 tons [1]. - **Spot**: The LME market's Cash/3M was at a discount of 53.7 dollars/ton. The supply of domestic spot goods increased, and on Friday, the spot in Shanghai had a premium of 125 yuan/ton over futures [1]. - **Scrap Copper**: The refined - scrap spread was 840 yuan/ton on Friday. The operating rate of recycled copper rod enterprises increased slightly [1]. - **Copper Rod**: The operating rate of domestic refined copper rod enterprises declined [1]. Aluminum - **Price**: SHFE aluminum main contract rose 1.22% (as of Friday's close), and LME aluminum fell 0.27% to 2,631 dollars/ton [3]. - **Inventory**: Domestic aluminum ingot inventory increased by 1.8 to 51.0 tons, and bonded - area inventory decreased by 0.5 to 11.1 tons. Aluminum bar social inventory decreased by 1.1 to 14.6 tons [3]. - **Spot**: On Friday, the spot in East China had a premium of 10 yuan/ton over futures, with a week - on - week decrease of 100 yuan/ton [3]. - **Demand**: The operating rate of domestic major aluminum product enterprises continued to decline [3]. Lead - **Price**: The SHFE lead index rose 0.36% to 16,958 yuan/ton. LME lead 3S fell 2.5 to 2,030.5 dollars/ton [4]. - **Inventory**: SHFE lead ingot futures inventory was 6 tons, and LME lead ingot inventory was 26.93 tons. Domestic social inventory slightly decreased to 6.58 tons [4]. - **Supply and Demand**: The operating rate of primary lead production decreased slightly, while that of recycled lead production increased from a low level. The price of lead - acid batteries stopped falling and stabilized, and downstream procurement is expected to improve [4]. Zinc - **Price**: The SHFE zinc index fell 0.57% to 22,868 yuan/ton. LME zinc 3S fell 35 to 2,840.5 dollars/ton [6]. - **Inventory**: Domestic social inventory decreased slightly to 9.27 tons. SHFE zinc ingot futures inventory was 1.33 tons, and LME zinc ingot inventory was 11.69 tons [6]. - **Supply**: The domestic zinc ore supply is loose, and the supply of zinc ingots is expected to increase significantly [6]. Tin - **Supply**: There is an expectation of tin ore supply recovery in the third and fourth quarters, but the smelting end still faces raw - material supply pressure, and the operating rate is at a low level [7]. - **Demand**: Domestic off - season consumption is poor, and overseas demand is strong due to AI computing power [7]. - **Inventory**: Social inventory increased slightly to 10,096 tons as of July 25, 2025 [7]. Nickel - **Nickel Ore**: The price of nickel ore fell. The procurement of smelters decreased, and the price of wet - process nickel ore remained stable [8]. - **Nickel Iron**: The market sentiment improved slightly, and prices stabilized and strengthened. There is still an oversupply pressure [8]. - **Refined Nickel**: The price was driven up by the increase in nickel - iron prices. Spot trading was cold [8]. - **Inventory**: Global visible nickel inventory decreased by 1.43% to 24.3 tons. China's inventory increased, and LME's decreased [8]. Lithium Carbonate - **Price**: The MMLC index rose 2.67% on Friday and 16.71% for the week. The LC2509 contract rose 5.01% and 15.09% for the week [12]. - **Spot**: The price of battery - grade lithium carbonate increased by 2,000 yuan, and the price of industrial - grade lithium carbonate increased by 2.70% [12]. - **Mining**: The price of Australian imported SC6 lithium concentrate increased by 8.86% and 17.81% for the week [12]. Alumina - **Price**: The alumina index rose 0.12% to 3,410 yuan/ton [14]. - **Spot**: Spot prices in various regions remained unchanged [14]. - **Inventory**: Futures warehouse receipts were 0.69 tons, at a historical low [14]. Stainless Steel - **Price**: The main contract closed at 13,030 yuan/ton, up 0.73% [16]. - **Spot**: The price of 304 cold - rolled coils in Foshan and Wuxi markets changed slightly [16]. - **Raw Materials**: The prices of raw materials such as high - nickel iron, 304 scrap steel, and high - carbon ferrochrome remained unchanged [17]. - **Inventory**: Social inventory decreased to 111.86 tons, with a 2.54% week - on - week decrease [17]. Cast Aluminum Alloy - **Price**: The AD2511 contract rose 1.31% to 20,135 yuan/ton (as of Friday's close) [19]. - **Inventory**: Social inventory increased by 0.6 to 4.3 tons, and factory inventory decreased by 0.1 tons [19]. - **Production**: The production of cast aluminum alloy was about 14.2 tons, with ADC12 production at about 8.0 tons, a slight increase [19].

1. Report Industry Investment Rating - No information provided in the document. 2. Core Viewpoints of the Report - This week, crude oil prices weakened at the end of the week. With the approaching deadline of the trade - war, the market remains worried. After the OPEC+ production increase in August, the market also anticipates a continued increase in September, with relatively high certainty on the supply side. The peak - season on the demand side is approaching, and major mainstream institutions have significant differences in their expectations for the peak - season, but the peak - season demand cannot be disproven at present. It is necessary to continue closely monitoring the market inventory. If inventory accumulates continuously, the market's peak - season demand expectation will be disappointed, and oil prices are expected to return to the trading logic of supply surplus. Overall, at present, crude oil lacks driving forces and is likely to show weak fluctuations. In the medium - to - long term, it is advisable to try short - selling at high prices [24]. 3. Summary by Relevant Catalogs 3.1 Core Indicators and Views 3.1.1 This Week's Key Event Review - **Fundamentals**: The API crude oil inventory in the US for the week ending July 18 was - 577,000 barrels, compared with an expected - 646,000 barrels and a previous value of 839,000 barrels. As of the week ending July 21, the total refined oil inventory at the Fujairah Port in the UAE increased by 971,000 barrels to 20.525 million barrels. The EIA report showed that US crude oil exports increased by 337,000 barrels per day to 3.855 million barrels per day in the week ending July 18, while domestic crude oil production decreased by 102,000 barrels to 13.273 million barrels per day. Singapore's fuel oil inventory reached a two - week high and imports hit a three - month high, with a sharp decrease in the proportion of Asian sources and a sharp drop in Chinese demand. The OPEC+ Joint Ministerial Monitoring Committee (JMMC) is unlikely to change the existing production - increase plan at the Monday meeting. The total number of US oil rigs for the week ending July 25 was 415, down from the previous value of 422 [11][12]. - **Macroeconomics**: The People's Bank of China kept the one - year and five - year loan prime rates (LPR) unchanged at 3% and 3.5% respectively. In June, China's total social electricity consumption was 867 billion kilowatt - hours, a year - on - year increase of 5.4%. The US initial jobless claims for the week ending July 19 were 217,000, lower than the expected 226,000. The US S&P Global Services PMI preliminary value in July was 55.2, and the Manufacturing PMI preliminary value was 49.5. The annualized total number of new home sales in the US in June was 627,000. The UK's seasonally adjusted retail sales month - on - month rate in June was 0.9% [15][17]. - **Geopolitical Conflicts**: Iran will hold a tripartite meeting with China and Russia on the Iranian nuclear program. Russian President Putin will visit China in September to attend the 80th anniversary commemorative activities of the victory of the Chinese People's War of Resistance against Japanese Aggression and the World Anti - Fascist War. The next round of China - US talks may discuss China's purchase of Russian and Iranian oil. The US will withdraw from the Doha cease - fire negotiations between Israel and Hamas [19][22]. - **Institutional Forecasts**: Goldman Sachs raised its forecast for Brent crude oil prices in the second half of 2025 by $5 to $66 per barrel and the WTI crude oil price forecast to $63 per barrel, previously $57 per barrel. It maintains the forecast based on supply surplus, expecting Brent and WTI crude oil prices to fall to an average of $56 and $52 per barrel respectively in 2026 [22]. 3.1.2 Next Week's Core Indicator Calendar - From July 27 to July 30, He Lifeng, a member of the Political Bureau of the CPC Central Committee and Vice - Premier of the State Council, will hold economic and trade talks with the US in Sweden. On July 30, data on the US API and EIA crude oil inventories for the week ending July 25 will be released. On July 30, data on the US ADP employment in July will be released. On July 31, the US Federal Reserve's interest rate decision (upper limit), initial jobless claims for the week ending July 26, and the annual rate of the core PCE price index in June will be announced. On August 1, data on the seasonally adjusted non - farm payrolls in the US in July will be released. On August 2, data on the total number of US oil rigs for the week ending August 1 will be released [23]. 3.2 Price Basic Data - **Crude Oil Basic Prices**: The prices of Brent, WTI, SC main contract, and Middle - East main contract are presented for different dates from 2024 to 2025, along with their weekly, monthly, and annual changes and change rates [32]. - **Crude Oil Forward Prices**: The forward curves of Brent, WTI, and SC crude oils are shown for different dates in 2025 [55]. - **Crude Oil Monthly Spreads**: The monthly spreads of Brent, WTI, and SC crude oils, including different contract combinations, are presented, along with the prices of SC contracts [58][60]. - **Crude Oil盘面 Spreads**: The spreads between Brent and WTI, Brent and Oman, Brent main contract and SC main contract, and the quality spread EFS (Brent - Dubai) are shown [66][69]. - **Main Oil Grade Premiums and Discounts**: The premiums and discounts of Iranian, Saudi, Iraqi, and Kuwaiti oil grades to Asia, as well as the premiums and discounts of some oil grades in Shandong refineries, are presented [72][86]. - **US Dollar Index**: The relationship between the US dollar index and WTI prices is shown [88]. 3.3 World Crude Oil Supply and Demand - **OPEC Crude Oil Supply - Demand Forecast**: OPEC's world supply - demand balance sheets from 2022 to 2026 are presented, including production, demand, supply - demand differences, and inventory data. The production forecasts of OPEC+ are also shown [96][97][99]. - **EIA Crude Oil Supply - Demand Forecast**: EIA's world supply - demand balance sheets from 2024 to 2026 are presented, including supply, demand, net inventory extraction, and end - of - period inventory data. The supply - demand differences for different quarters are also shown [108][110][111]. - **OPEC Main Oil - Producing Countries' Production and Exports**: The monthly production data of OPEC's total production, Saudi Arabia, Kuwait, Iraq, Venezuela, Iran, and Russia are presented, as well as Iran's crude oil export data [115][117][119].