Investment Rating - The report does not explicitly state an investment rating for the industry Core Viewpoints - OPEC+ continues to exceed production expectations, which is the main theme for the medium-term oil price movement [2] - Global demand growth expectations have been slightly adjusted upwards by two major institutions, with EIA forecasting a 2025 global demand increase of 970,000 barrels per day [24] - The geopolitical situation, particularly US-Iran negotiations, poses a risk for short-term oil price rebounds [2] Supply Side Summary - OPEC+ announced a production increase of 411,000 barrels per day for July, following a similar increase in May [2] - In April, OPEC+ production increased by 230,000 barrels per day, with significant contributions from Russia and Kuwait [10] - Iran's production remains unaffected by sanctions, with April output at 3.305 million barrels per day, a decrease of 3.1% month-on-month [9] Demand Side Summary - The short-term easing of tariffs has improved risk appetite, but uncertainty in the US economy persists [2] - Seasonal trends indicate a potential increase in global oil consumption from April to June, followed by a decline from June to October [2] Inventory Summary - US commercial crude oil inventories have not exceeded expectations for accumulation this year [21] - The report includes tracking of US commercial crude oil inventories, which are expected to remain stable [22] Refining Summary - US refinery utilization rates have shown a recovery, with domestic refineries entering maintenance season [27] - The report notes that the price spreads for refined products such as gasoline and diesel have shown varied performance [29]