石油在我们的日常生活中扮演着举足轻重的角色，它不仅仅是开车时用的汽油，还在塑料袋、化妆品以及飞机燃料中无处不在。没有石油，现代社会几乎无 法运转。随着全球对石油的需求不断增长，石油资源却始终有限，迟早会面临供给压力。为了避免未来的能源短缺，各国政府纷纷采取措施，开始储备战略 石油。这些储备并非来自自然埋藏的油田，而是经过人工储存的应急库存，以应对突发的供应中断。 国际能源署（IEA）要求其成员国至少储备相当于90天净进口量的石油。作为亚洲的老牌工业强国，日本在这方面表现得尤为突出。日本的国家石油储备体 系建设得早且规模庞大，其石油储备按净进口天数计算，稳居全球领先地位。 尽管日本与中国仅隔东海，地理上非常接近，但该国的石油资源极为贫乏。日本的油田产量微乎其微，几乎全靠从中东和东南亚进口石油。其本土的石油开 采量甚至不足以算作一个小型油田的零头。日本的石油储备建设历史可以追溯到20世纪70年代。当时，全球经历了几次严重的石油危机，特别是中东地区一 旦减少供应，油价立刻飙升，日本经济也因此遭遇重创。 在那段时期，日本的工厂开工率急剧下降，物价上涨，民众生活水平大幅下滑。为了应对未来可能的能源危机，日本政府意识到必 ...

Core Viewpoint - The U.S. Department of Energy announced it will provide up to 1 million barrels of crude oil from the Strategic Petroleum Reserve (SPR) under an exchange agreement [1] Group 1 - The announcement indicates a strategic move to manage oil supply and potentially stabilize market prices [1] - The exchange agreement allows for the temporary release of oil, which may impact domestic oil inventories [1] - This action reflects ongoing efforts by the U.S. government to address energy security and market dynamics [1]

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - With the geopolitical risk premium related to the tense situation in the Middle East fading, oil prices dropped significantly this week. The market is turning to OPEC+ production policy formulation and Trump's decision on reciprocal tariffs, and the US will hold talks with Iran next week. Fundamentally, global oil products were destocked in late June, with the destocking slope slightly exceeding expectations and the inventory being overall neutral to high. The US commercial crude oil inventory decreased by 5.836 million barrels per day in the week of June 20th, currently at the lowest level in the same period of history. The WTI fundamentals are improving, while domestic refinery profits are rebounding and the Dubai monthly spread has strengthened recently. However, OPEC+ is preparing to significantly increase production by 414,000 barrels per day again in August. Overall, the fundamentals are still in the summer peak season, the supply - demand contradiction in the US market is large, and the upward space for absolute prices is limited. Maintain a positive spread trading strategy and pay attention to the impact of tariff policies on absolute prices [5] Group 3: Summary by Relevant Catalogs 1. Daily News - Saudi Arabia is exporting crude oil at the fastest pace in over a year, with exports increasing by 441,000 barrels per day to 6.36 million barrels per day in June, an increase of about 7%. - US President Trump said he will fill the strategic petroleum reserve when market conditions are right. - Mexico's oil production has dropped to the level of the late 1970s, with exports in June dropping to a record low of 529,000 barrels per day. - Iran was reported to have loaded mines onto ships in the Persian Gulf last month, preparing to lay mines in the Strait of Hormuz. - The API crude oil inventory in the US for the week ending June 28th was 680,000 barrels, compared with an expected - 2.257 million barrels and a previous value of - 4.277 million barrels [3][4] 2. Regional Fundamentals - In the week of June 20th, US crude oil exports decreased by 91,000 barrels per day to 4.27 million barrels per day, while domestic production increased by 400 barrels to 13.435 million barrels per day. - The commercial crude oil inventory excluding strategic reserves decreased by 5.836 million barrels to 415 million barrels, a decrease of 1.39%. - The four - week average supply of US crude oil products was 20.049 million barrels per day, a 1.6% decrease compared to the same period last year. - The US strategic petroleum reserve (SPR) inventory increased by 237,000 barrels to 402.5 million barrels, an increase of 0.06%. - The import of commercial crude oil excluding strategic reserves in the US was 5.944 million barrels per day, an increase of 440,000 barrels per day compared to the previous week. - This week, the operating rate of major refineries in China increased, while that of Shandong local refineries decreased. The production of gasoline and diesel in China both increased, and the sales - to - production ratio of local refineries for both gasoline and diesel increased. Gasoline and diesel inventories accumulated this week, and the comprehensive profits of major refineries and local refineries rebounded [4] 3. Weekly Viewpoints - As the geopolitical risk premium related to the Middle East situation fades, oil prices dropped significantly this week. The market focuses on OPEC+ production policy and Trump's tariff decision, and the US - Iran talks are upcoming. - In late June, global oil products were destocked, with the US commercial crude oil inventory at a historical low in the same period. The WTI fundamentals are improving, and domestic refinery profits are rebounding. - OPEC+ plans to increase production by 414,000 barrels per day in August. The upward space for absolute oil prices is limited, and a positive spread trading strategy is recommended. Attention should be paid to the impact of tariff policies on absolute prices [5]

Core Viewpoint - The U.S. President Trump announced plans to fill the Strategic Petroleum Reserve when market conditions are favorable [1] Group 1 - The Strategic Petroleum Reserve will be filled to ensure energy security [1] - The timing of the filling will depend on market conditions, indicating a strategic approach to oil reserve management [1]

Core Viewpoint - The U.S. Department of Energy has announced that delays in deliveries are due to maintenance work at the Strategic Petroleum Reserve (SPR) sites [1] Group 1 - The maintenance work at SPR locations is the primary reason for the delayed deliveries [1]

美国白宫：目前没有立即补充战略石油储备的计划。 ...

Core Insights - The U.S. Secretary of Energy, Jennifer Granholm, stated that the replenishment of the Strategic Petroleum Reserve (SPR) is expected to take several years [1] - Maintenance work on the Strategic Petroleum Reserve is scheduled to be completed by the end of the year [1] Industry Implications - The prolonged timeline for replenishing the SPR may impact market stability and oil prices, as the reserve plays a critical role in managing supply disruptions [1] - Completion of maintenance work by year-end could enhance the operational efficiency of the SPR, potentially allowing for more effective responses to future energy crises [1]

Core Viewpoint - The U.S. House Committee proposed a budget plan to allocate over $1.5 billion for the restoration and maintenance of the Strategic Petroleum Reserve (SPR) [1] Group 1: Funding Allocation - The proposal includes $1.32 billion for purchasing oil to replenish the SPR, which is the world's largest emergency crude oil reserve [1] - An additional $218 million is allocated for facility maintenance [1] Group 2: Legislative Changes - The proposal cancels a previous directive to sell oil from the SPR and eliminates the congressional authorization to sell 7 million barrels of SPR in the fiscal year 2027 [1] Group 3: Current Status and Future Projections - The SPR currently holds approximately 399 million barrels of oil, with a total storage capacity of about 727 million barrels [1] - U.S. Energy Secretary estimated that fulfilling former President Trump's goal of filling the SPR would require $20 billion and several years, which would assist domestic energy producers when oil prices are relatively low [1]