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].

Core Viewpoint - Azerbaijan's BTC crude oil export volume for August is expected to be 17.3 million barrels, slightly down from 17.4 million barrels in July [1] Group 1 - The expected export volume for August represents a decrease of approximately 0.6% compared to July [1]

Core Viewpoint - The export volume of Black Sea CPC mixed crude oil in July is expected to remain unchanged from June at 1.65 million barrels per day [1] Group 1 - The export volume for July is projected to be 1.65 million barrels per day, consistent with June's figures [1]

Core Insights - U.S. crude oil exports for the week ending June 6 were at their lowest level since the week of April 4, 2025 [1] - Commercial crude oil inventories, excluding the Strategic Petroleum Reserve, were at their lowest since the week of February 21, 2025 [1]

Core Viewpoint - The export volume of Black Sea CPC mixed crude oil is projected to reach 1.6 to 1.7 million barrels per day in June, an increase from 1.5 million barrels per day in May [1] Group 1 - The expected export volume for June represents a significant increase in daily exports compared to May [1]

Group 1 - The core point of the article is that U.S. crude oil exports increased to 4.294 million barrels per day in February, up from 3.931 million barrels per day in January [1] Group 2 - The increase in crude oil exports indicates a positive trend in the U.S. oil industry, reflecting growing demand and production capabilities [1] - The data suggests a potential shift in market dynamics, with the U.S. playing a more significant role in global oil supply [1] - The rise in export volumes may impact domestic prices and influence strategic decisions among oil producers [1]