1. Report Industry Investment Rating No information provided in the content. 2. Core Viewpoints of the Report - Last week, oil prices initially strengthened due to market pricing of the Fed's interest - rate cut and geopolitical tensions, but then sharply corrected as the rate cut met expectations, the dollar index rebounded, and there were no more geopolitical positives. Brent's main contract fluctuated between $65 - 67 per barrel. The oil price is expected to maintain a weak and volatile pattern. Upside risks come from geopolitical risk escalation, and downside risks come from increased recession expectations [4]. - Unilateral trading: Expect a weak and volatile trend. Arbitrage: Domestic gasoline and diesel cracks are weak. Options: Hold a wait - and - see attitude [5]. 3. Summary According to the Directory 3.1 Chapter 1: Comprehensive Analysis and Trading Strategies 3.1.1 Comprehensive Analysis - At the beginning of last week, influenced by the expected Fed rate cut and geopolitical tensions, oil prices were strong. After the Fed cut rates by 25BP, the dollar index rebounded, and oil prices corrected significantly. By the weekend, Brent's main contract fell to around $66 per barrel [4]. - In terms of supply and demand, OPEC increased production in August and September. The end of the peak demand season in the Middle East, the weakening of the Dubai spread, and the high volume of crude oil shipments all indicate rising supply pressure. Crude oil satellite inventories increased in late September, and there may be an inventory build - up in Q3 and Q4. In the short term, overseas refined oil demand is stable, and refinery profits support crude oil procurement demand. There is still room for the overseas diesel crack spread to ferment at the end of the year [4]. 3.1.2 Trading Strategies - Unilateral trading: Weak and volatile [5]. - Arbitrage: Domestic gasoline and diesel cracks are weak [5]. - Options: Wait - and - see [5]. 3.2 Chapter 2: Core Logic Analysis 3.2.1 Macro - The Fed cut rates by 25BP, which did not exceed market expectations. Macro risk appetite cooled. The yields of short - and long - term US Treasuries rebounded, and the dollar index rebounded from 96.6 to around 97.6 [8][9]. - The Fed's dot - plot median shows that it expects to cut rates two more times this year, one more time than the June expectation [11]. 3.2.2 Supply - Russian oil exports decreased by 934,000 barrels per day in the week ending September 14, the largest decline since July last year. Ukrainian drone attacks on Russian ports and energy facilities affected oil exports [15]. - In the week of September 19, the number of active US oil rigs increased by 2 to 418. In the week of September 12, US crude oil production decreased by 13,000 barrels per day to 13.482 million barrels per day [18]. 3.2.3 Inventory - In 2024, the global crude oil inventory decreased by 71.09 million barrels year - on - year. In Q1, the full - scale inventory increased by 890,000 barrels per day, and in Q2, the global satellite inventory increased by 1.05 million barrels per day. As of September 17 in Q3, the satellite inventory showed an increase of 4,400 barrels per day [22]. 3.2.4 Balance - The IEA slightly raised the global oil demand growth forecast for 2025 to 740,000 barrels per day. It is expected that global oil supply will increase by 2.3 million barrels per day in 2025 and 2.1 million barrels per day in 2026. The balance sheet still points to a significant surplus in the long - term [25]. 3.2.5 Spot Market - The Middle East market weakened, with the Dubai swap first - to - third - line spread falling from over $3 per barrel to around $2.6 per barrel. The North Sea market stabilized, with DFL rebounding from less than $0.5 per barrel to around $0.65 per barrel, and EFS rebounding to around $0.45 per barrel [27][29]. 3.3 Chapter 3: Weekly Data Tracking - **Crude Oil Price and Spread**: Data on the prices and spreads of Brent, WTI, and Dubai are presented [33]. - **Crude Oil Spot**: Data on the spot prices and spreads of European, West African, Middle Eastern, Mediterranean, and North American crude oils are provided [36][40][45]. - **US Weekly Crude Oil Supply and Demand**: Data on US crude oil production, feedstock volume, imports, and exports are presented [48]. - **EIA Weekly Data**: Data on US refinery operations, gasoline, distillates, jet fuel production, inventory, and net imports are provided [51][55][58][61]. - **US Weekly Crude Oil Inventory**: Data on US commercial crude oil inventory, Cushing inventory, and strategic inventory are presented [64][66]. - **Crude Oil Floating Storage**: Data on global, Asian, European, and West African crude oil floating storage are provided [69][70][71][73]. - **European Refined Oil Inventory**: Data on ARA gasoline, diesel, jet fuel, naphtha, and fuel oil inventories are presented [80][82][84]. - **Singapore and Middle East Refined Oil Inventory**: Data on Fujeirah and Singapore's heavy, medium, and light refined oil inventories are presented [86]. - **Tanker Freight**: Data on the freight rates of heavy - oil tankers on different routes are presented [89]. - **Cracking and Profits**: In Northwest Europe, diesel cracking strengthened, and gasoline cracking strengthened slowly. In the Asia - Pacific region, diesel cracking remained high, gasoline cracking strengthened, and naphtha cracking was strong. In North America, diesel cracking strengthened. In China, domestic refined - oil crack spreads weakened overall but rebounded near the weekend, and the export profits of gasoline and diesel continued to rise [93][100][107][118]. - **Oil Price vs. Position**: Data on the relationship between Brent, WTI, gasoil, RBOB, and HO prices and their managed - money net positions are presented [119][122][125].

Group 1: Report Summary - The report is an early morning report on crude oil and refined oil, released on September 22, 2025, by the Energy and Chemicals Team of the Research Center [2] - It provides price data from September 15 - 19, 2025, for various oil - related products and analyzes daily news, regional fundamentals, and presents a weekly view [3][5][6] Group 2: Price Data Changes Crude Oil and Related Products - WTI decreased by $0.89 from September 15 - 19, 2025; BRENT decreased by $0.76; DUBAI decreased by $0.35 [3] - SC decreased by 4.80; OMAN decreased by 1.30 [3] Refined Oil and Other Products - Domestic gasoline decreased by $50.00; domestic diesel decreased by $28.00 [3] - Japan naphtha CFR dropped by 2.95; Singapore fuel oil 380CST decreased by 0.2 [3] Group 3: Daily News - Trump pressured European countries to stop buying Russian oil to end the Russia - Ukraine conflict [3] - Iran will suspend cooperation with the International Atomic Energy Agency due to the actions of the UK, France, and Germany [4] - Russia called the EU's reduction of Russian energy imports a "self - harm" behavior [4] - Cuba condemned the US for trying to seize Venezuela's resources through its actions in the Caribbean [5] - The UN Security Council vetoed the resolution to extend Iran's sanctions exemption, and sanctions may resume if no agreement is reached by September 27 [5] Group 4: Regional Fundamentals - In the week of September 12, US crude oil exports increased by 253.2 thousand barrels per day, while domestic production decreased by 1.3 thousand barrels [5] - Commercial crude oil inventory (excluding strategic reserves) decreased by 9.285 million barrels, a 2.19% decline [6] - Strategic Petroleum Reserve (SPR) inventory increased by 504 thousand barrels, a 0.12% increase [6] - The four - week average supply of US crude oil products increased by 1.69% year - on - year [6] - From September 12 - 18, the main refinery operating rate fluctuated, Shandong local refinery operating rate increased, domestic production of gasoline and diesel rose, and their inventories also increased [6] Group 5: Weekly View - This week, oil prices fluctuated at a high level, with fundamental and geopolitical factors diverging [6] - The EU's sanctions on Russia target shadow fleets, Russian banks, and oil buyers; Russian refined oil exports decreased by about 300 thousand barrels per day, while crude oil net exports increased by about 9% year - on - year [6] - Iranian crude oil exports did not decline; OPEC crude oil net exports increased by 11% year - on - year in September [6] - US EIA commercial crude oil inventory decreased, gasoline inventory decreased, and diesel inventory increased significantly [6] - Global refinery profits were divided, with US refinery profits rebounding, domestic refinery operating rates rising, and European and American refinery operating rates falling [6] - In the baseline scenario, there will be an oversupply of over 200 thousand barrels per day in Q4 2025 and 180 - 250 thousand barrels per day in 2026 [6] - It is expected that the absolute price center in Q4 will fall to $55 - 60 per barrel [6]

Oil Market Overview - The average weekly price for Brent and WTI crude oil futures is $67.6 and $63.6 per barrel, respectively, with an increase of $0.9 per barrel compared to last week [1][2] - Total U.S. crude oil inventory stands at 82 million barrels, with commercial inventory at 42 million barrels, strategic inventory at 41 million barrels, and Cushing inventory at 2 million barrels, showing a week-on-week change of -878, -929, +50, and -30 thousand barrels respectively [1][2] - U.S. crude oil production is at 13.48 million barrels per day, reflecting a decrease of 10 thousand barrels per day [1][2] - The number of active oil rigs in the U.S. is 418, which is an increase of 2 rigs from the previous week [1][2] - The number of active fracturing fleets in the U.S. is 169, with an increase of 5 fleets [1][2] Refined Oil Products - Average prices for gasoline, diesel, and jet fuel in the U.S. are $85, $98, and $89 per barrel, respectively, with week-on-week changes of +$1.5, +$1.1, and -$5.1 per barrel [3] - U.S. gasoline, diesel, and jet fuel inventories are at 22 million, 12 million, and 4 million barrels, respectively, with week-on-week changes of -235, +405, and +63 thousand barrels [3] - Production of gasoline, diesel, and jet fuel in the U.S. is 9.41 million, 4.96 million, and 1.90 million barrels per day, with week-on-week changes of -18, -27, and +1 thousand barrels per day [3] - Consumption of gasoline, diesel, and jet fuel in the U.S. is 8.81 million, 3.62 million, and 1.62 million barrels per day, with week-on-week changes of +30, +24, and -13 thousand barrels per day [3] Trade Dynamics - U.S. gasoline imports, exports, and net exports are 1.6 million, 0.97 million, and 0.81 million barrels per day, with week-on-week changes of +0.07, -0.02, and -0.09 million barrels per day [4] - U.S. diesel imports, exports, and net exports are 0.10 million, 0.85 million, and 0.76 million barrels per day, with week-on-week changes of -0.12, -0.54, and -0.42 million barrels per day [4] - U.S. jet fuel imports, exports, and net exports are 0.05 million, 0.24 million, and 0.18 million barrels per day, with week-on-week changes of -0.07, +0.05, and +0.12 million barrels per day [4] Related Companies - Recommended companies include China National Offshore Oil Corporation (CNOOC), China Petroleum & Chemical Corporation (Sinopec), and China National Petroleum Corporation (CNPC) [4]

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - The report suggests testing support levels for crude oil and holding various long - positions in light positions [1] - Citi analysts believe that Brent crude oil prices will gradually decline to around $60 per barrel from the end of this year to 2026 due to OPEC+ phasing out "second - round production cuts" and expected growth in global crude oil inventories. The daily average increase in global crude oil inventories is predicted to be 1.1 million barrels in 2025 and 2.1 million barrels in 2026 [7] 3. Summary by Relevant Catalogs Global Benchmark Crude - Brent (Dated): Price data not provided. North Sea supply recovery expectations suppress prices, while geopolitical risks provide bottom - line support [2] - WTI (Cushing): Price is $64.08, with a daily change of $0.3. The end of the US refinery autumn maintenance season and rising demand drive up inland oil prices [2] - Dubai: Price is $81.21, with a daily change of $0.34. Stable Asian refinery procurement demand and lower official Middle - East selling prices stimulate buying interest [2] - Oman: Price is $81.55, with a daily change of $0.45. Driven by the strengthening of the Dubai benchmark, the spot discount of Omani crude oil narrows [2] Regional Crude Oil Spreads - Brent/WTI (Front): Spread is $4.18, with a daily change of - $0.07. Increased US exports narrow the trans - Atlantic spread and the arbitrage window closes [2] - Brent EFP (Nov): Spread is - $0.01, with a daily change of - $0.05. The deepening contango structure in the futures market reflects the expectation of abundant short - term supply [2] - Dubai/Oman Swap (Oct): Spread is $0.1, with a daily change of $0.03. Tight Omani crude oil supply leads to an expanded premium relative to Dubai [2] Refining Profits - Gasoline裂解 (Singapore vs Dubai): Price is $8.93. Seasonal decline in Asian gasoline demand puts pressure on refinery profit margins [4] - Diesel裂解 (Singapore vs Dubai): Price is $18.91. Robust industrial demand and low inventories support strong diesel cracking [4] - Jet fuel裂解 (Singapore vs Dubai): Price is $17.86. The continuous recovery of the aviation industry, but the commissioning of new refining capacity increases supply pressure [4] Key Middle - East Crude - Umm Lulu: Price is $69.9, with a daily change of - $0.91, and a spread of $3.16 to Dubai. Weak demand for heavy crude oil and refineries' preference for light, low - sulfur crude oil lead to an expanded discount [4] - Das Blend: Price is $69.35, with a daily change of - $0.91, and a spread of $2.61 to Dubai. Reduced purchases by Asian buyers increase the pressure of oversupply in the spot market [4] - Murban: Price is $69.85, with a daily change of - $0.91, and a spread of $3.11 to Dubai. The light - crude characteristics are favored by Asian refineries, but the overall market downturn drags down the price [4] Key Market News - The Premier of the State Council, Li Qiang, met with a delegation of US House of Representatives members [5] - Israeli MPs' visit to Taiwan was strongly condemned by the Chinese embassy [5] - Trump pressured European countries to stop buying Russian oil [5] - Iran will suspend cooperation with the International Atomic Energy Agency due to the actions of the UK, France, and Germany in pushing for the resumption of sanctions against Iran [5] - The EU is considering trade measures against the Russian "Friendship" oil pipeline [6] - Citi analysts predict that Brent crude prices will decline from the end of this year to 2026 due to OPEC+ actions and expected inventory growth [7] Trend Intensity - The trend intensity of crude oil is 1, indicating a neutral trend on a scale from - 2 (most bearish) to 2 (most bullish) [8]

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core View The report suggests that oil prices will experience short - term range - bound fluctuations and a medium - term bearish configuration. The issuance of China's third - batch of refined oil export quotas, along with factors such as the situation of local refineries and the future of sensitive oil, are important factors affecting the oil market. The type of oil absorbed by SPR in the future is a core factor influencing oil price trends [3][4]. 3. Summary by Section Market News and Important Data - New York Mercantile Exchange's October - delivery light crude oil futures dropped 48 cents to $63.57 per barrel, a 0.75% decline; November - delivery London Brent crude oil futures fell 51 cents to $67.44 per barrel, also a 0.75% decline. SC crude oil's main contract closed down 1.51% at 489 yuan per barrel [1]. - The number of initial jobless claims in the US for the week ending September 13 was 231,000, lower than the expected 240,000, and the previous value was revised from 263,000 to 264,000 [2]. - The EU is formulating measures to accelerate the phased - out of Russian natural gas. Analysts expect the global natural gas market to turn into a supply surplus in the second half of next year, reducing the risk of supply pressure and price spikes in Europe [2]. - US President Trump stated that further oil price cuts are needed, claiming that if oil prices are lowered, the Russia - Ukraine conflict will end [2]. - French President Macron said that UN sanctions on Iran will be restored [2]. - China's cumulative new energy vehicle sales have exceeded 40 million, with production and sales ranking first globally for 10 consecutive years, contributing to global carbon reduction goals [2]. Investment Logic - China issued the third - batch of refined oil export quotas, totaling 8.395 million tons, with a cumulative total of 40.195 million tons for the three batches. The total is basically the same as last year but slightly lower than the market expectation of 9 million tons. The refined oil export quotas have remained stable in the past three years, and the total crude oil import quota has also been stable. However, the proportion of private large - scale refining quotas has been increasing, while that of local refineries has been decreasing. Factors such as quota shortages, a decline in the consumption tax deduction ratio, and the peak of gasoline and diesel demand are squeezing the survival space of local refineries. The reduced ability of local refineries to absorb sensitive oil has led to some inventory backlog, which has contributed to the increase in China's crude oil inventory since the beginning of the year. In the short term, policies are suppressing the operating rate of local refineries, and the future of sensitive oil is uncertain. Although China's storage tank space is relatively abundant (with a current storage rate of about 65%), it may flow into the SPR, which is a core factor for future oil price trends [3]. Strategy - Short - term: Oil prices will fluctuate within a range. - Medium - term: Bearish configuration [4].

Group 1: Report Core View - In the week ending September 12, US commercial crude oil inventories decreased by 9.285 million barrels, mainly due to a significant increase in net crude oil exports of 3.111 million barrels per day. Single - week imports dropped to the lowest level in the same period in five years, while exports reached the highest level in the same period in five years. Single - week crude oil production slightly declined by 13,000 barrels per day to 13.482 million barrels per day, and the refinery utilization rate fell from 94.9% to 93.3%, remaining at a relatively high level in the same period. Gasoline inventories decreased, but diesel inventories continued to accumulate, and the total inventories of crude oil and petroleum products continued to rise from a high level [4]. Group 2: Data Summary Inventory Data (in million barrels) - US commercial crude oil inventory change: - 9.285 (previous value: + 3.939) [6] - US Cushing crude oil inventory change: - 0.296 (previous value: - 0.365) [6] - US strategic petroleum inventory change: + 0.504 (previous value: + 0.514) [6] - US gasoline inventory change: - 2.347 (previous value: + 1.458) [6] - US diesel inventory change: + 4.046 (previous value: + 4.715) [6] - US jet fuel inventory change: + 0.632 (previous value: + 0.474) [6] - US fuel oil inventory change: - 0.409 (previous value: + 1.297) [6] - US crude oil and petroleum product inventory change (excluding SPR): + 1.171 (previous value: + 15.43) [6] Production, Demand and Trade Data (in thousand barrels per day) - US crude oil production: 13,482 (previous value: 13,495) [6] - US refined product apparent demand: 20,637 (previous value: 19,781) [6] - US gasoline apparent demand: 8,810 (previous value: 8,508) [6] - US diesel apparent demand: 3,621 (previous value: 3,377) [6] - US crude oil imports: 5,692 (previous value: 6,271) [6] - US crude oil exports: 5,277 (previous value: 2,745) [6] - US refinery crude oil processing volume: 16,424 (previous value: 16,818) [6] - US refinery utilization rate (%): 93.3 (previous value: 94.9) [6]

Report Summary 1. Report Industry Investment Rating No information provided on the industry investment rating. 2. Core View of the Report - The macro - expectation is difficult to reverse the weak fundamental situation, limiting the geopolitical premium space in the short - term and driving the center of the crude oil futures market to gradually decline in the long - term. The market reaction is generally bearish due to the entry into the traditional demand off - season and the Fed's interest rate decision [1]. 3. Summary by Relevant Catalog Production - As of the week ending September 12, the daily average crude oil production in the US was 13.482 million barrels, a decrease of 13,000 barrels from the previous week and an increase of 282,000 barrels from the same period last year. The four - week daily average production as of September 12 was 13.46 million barrels, 1.4% higher than the same period last year. The daily average production this year was 13.437 million barrels, 1.9% higher than last year [1]. Inventory - US commercial crude oil inventory decreased by 9.285 million barrels to 415.361 million barrels, a decrease of 2.19%. Cushing crude oil inventory decreased by 296,000 barrels to 23.561 million barrels, a decrease of 1.24%. US gasoline inventory decreased by 2.347 million barrels to 217.650 million barrels, a decrease of 1.07%. US distillate oil inventory increased by 4.046 million barrels to 124.684 million barrels, an increase of 3.35%. US total oil product inventory increased by 1.171 million barrels to 1.282421 billion barrels, an increase of 0.019%. US strategic petroleum reserve inventory increased by 504,000 barrels to 405.728 million barrels, an increase of 0.12% [1][2]. Refinery - The US refinery utilization rate was 93.3%, a decrease of 1.6 percentage points from the previous week, a decrease of 1.69% [2]. Trade - US crude oil imports were 5.692 million barrels per day, a decrease of 579,000 barrels per day from the previous week, a decrease of 9.23%. US crude oil exports were 5.277 million barrels per day, an increase of 2.532 million barrels per day from the previous week, an increase of 92.1%, reaching the highest level in nearly two years [1][2]. Interest Rate - The Fed cut interest rates by 25 basis points as expected. After the announcement of the Fed's interest rate decision, oil prices showed a downward trend [1].

1. Report Industry Investment Rating - The report implies a relatively bearish outlook for the oil market [8] 2. Report's Core View - The EIA report for the week is a mixed bag, with a significant decline in crude oil inventory exceeding market expectations and a substantial drop in gasoline inventory. However, more forward - looking data shows weakness, such as the decline in refinery operating rates indicating the start of autumn maintenance, and the poor performance of distillates leading to a counter - seasonal increase in inventory, which may promote refinery maintenance. Overall, it is a relatively bearish report [8] 3. Summary by Related Data 3.1 Inventory Data - As of September 12, U.S. commercial crude oil total inventory was 415.361 million barrels, a week - on - week decrease of 9.285 million barrels, far exceeding the expected decrease of 857,000 barrels. Cushing inventory decreased by 296,000 barrels, and strategic reserve inventory increased by 504,000 barrels. Gasoline inventory decreased by 2.347 million barrels, contrary to the expected increase of 1 million barrels, while distillate inventory increased by 4.046 million barrels, exceeding the expected increase of 1 million barrels [2][3] - The total inventory of the U.S. crude oil chain increased by 1.675 million barrels [3] 3.2 Production, Import, and Processing Data - U.S. crude oil production decreased by 13,000 barrels per day to 13.482 million barrels per day [3] - U.S. crude oil net imports decreased by 3.111 million barrels per day to 415,000 barrels per day [3] - U.S. crude oil processing volume decreased by 394,000 barrels per day to 16.424 million barrels per day [3] 3.3 Demand Data - U.S. crude oil terminal apparent demand (four - week smoothing) decreased by 217,250 barrels per day to 20.671 million barrels per day [3] - U.S. gasoline apparent demand (four - week smoothing) decreased by 8,000 barrels per day to 8.91875 million barrels per day [3] - U.S. distillate apparent demand (four - week smoothing) decreased by 86,500 barrels per day to 3.72675 million barrels per day [3] - U.S. jet fuel apparent demand (four - week smoothing) decreased by 69,000 barrels per day to 1.70275 million barrels per day [3] 3.4 Market Impact and Analysis - The large - scale decline in U.S. crude oil inventory last week was mainly due to a significant increase in exports, resulting in a large decrease in net imports. The single - week export data reached 5.277 million barrels per day, a new high since 2024. However, the domestic refinery operating rate decreased by 1.6% to 93.3%, indicating the gradual start of traditional autumn maintenance [4] - In the traditional autumn harvest consumption season, distillate demand decreased instead of increasing, causing inventory to rise during the period of declining refinery operating rates. The current large increase in distillate inventory is counter - seasonal, which may affect distillate cracking and accelerate the progress of refinery autumn maintenance [6] - After the release of the EIA report, oil prices fell slightly and further declined after the Federal Reserve's interest - rate meeting [8]

Group 1 - As of the week ending September 12, 2025, U.S. commercial crude oil inventories decreased by 9.285 million barrels to 415 million barrels, marking the largest decline since June 13, 2025, against market expectations of a decrease of 0.857 million barrels and a previous value of 3.939 million barrels [1] - U.S. Strategic Petroleum Reserve (SPR) inventories increased by 504,000 barrels to 40.57 million barrels, the highest level since October 7, 2022 [1] - Gasoline inventories decreased by 2.347 million barrels, compared to a previous value of 1.458 million barrels [1] - Distillate inventories increased by 4.046 million barrels, exceeding expectations of 0.975 million barrels and a previous value of 4.715 million barrels [1] Group 2 - U.S. domestic crude oil production decreased by 13,000 barrels to 13.482 million barrels per day as of the week ending September 12, 2025 [1] - The four-week average supply of U.S. crude oil products was 20.671 million barrels per day, an increase of 1.69% compared to the same period last year [1] Group 3 - U.S. commercial crude oil imports, excluding the Strategic Reserve, were 5.692 million barrels per day, a decrease of 579,000 barrels per day, the lowest level since June 13, 2025 [1] - U.S. crude oil exports increased by 2.532 million barrels per day to 5.277 million barrels per day, the highest level since December 29, 2023 [1] Group 4 - As of September 18, 2025, WTI crude oil was reported at $63.41 per barrel, down 0.36%, while Brent crude was reported at $67.13 per barrel, down 0.42% [2]

Oil Price Sector - As of September 16, 2025, the prices for Brent crude, WTI crude, Russian EPSO crude, and Russian Urals crude are $68.47, $64.52, $63.69, and $65.49 per barrel respectively [1][2] - The month-on-month price changes for major oil products are as follows: Brent crude (+2.81%), WTI crude (+2.90%), Russian EPSO (+3.02%), and Russian Urals (0.00%) [1][2] - Year-to-date price changes from the beginning of 2025 to September 16, 2025, show Brent crude (-9.82%), WTI crude (-11.77%), Russian EPSO (-11.48%), and Russian Urals (-4.41%) [2] Oil Inventory Sector - The IEA, EIA, and OPEC predict global oil inventory changes for 2025 to be +195.06, +171.83, and -53.06 thousand barrels per day respectively, with adjustments from August predictions being +17.80, +9.25, and -17.83 thousand barrels per day [2] - The average forecast for global oil inventory changes in 2025 is +104.61 thousand barrels per day, an increase of +3.07 thousand barrels per day from the previous month [2] Oil Supply Sector - For September 2025, the IEA, EIA, and OPEC predict global oil supply to be 10,582.51, 10,552.82, and 10,460.46 million barrels per day respectively, with increases from 2024 supply being +267.18, +233.92, and +200.88 million barrels per day [3][4] - The 2026 oil supply predictions are 10,787.62, 10,664.34, and 10,618.42 million barrels per day, reflecting increases of +205.12, +111.53, and +157.96 million barrels per day from 2025 [3] Oil Demand Sector - The IEA, EIA, and OPEC forecast global oil demand for 2025 to be 10,387.45, 10,380.99, and 10,513.52 million barrels per day respectively, with year-on-year increases of +73.68, +89.62, and +129.47 million barrels per day [5] - For Q3 2025, the demand predictions are +93.54, +116.34, and +156.83 million barrels per day, with adjustments from August predictions being +40.99, +12.22, and -0.07 million barrels per day [5] Related Companies - Relevant listed companies include China National Offshore Oil Corporation (CNOOC), China Petroleum & Chemical Corporation (Sinopec), and China National Petroleum Corporation (PetroChina) among others [6]