Group 1: Market News and Important Data - The price of light crude oil futures for December delivery on the New York Mercantile Exchange fell 17 cents to settle at $59.43 per barrel, a decline of 0.29%; the price of Brent crude oil futures for January delivery fell 14 cents to settle at $63.38 per barrel, a decline of 0.22%. The main contract of SC crude oil closed down 1.32% at 454 yuan per barrel [1] - In October 2025, Russia's oil and gas revenues decreased by 26.6% year-on-year from 1.2118 trillion rubles (about $14.9 billion) in the same period last year to 888.6 billion rubles (about $10.9 billion), but increased by 52.6% from the previous month. From January to October, oil and gas revenues decreased by 21.4% to 7.498 trillion rubles (about $92.5 billion) [1] - Nigerian media reported that Nigeria has lost up to $300 billion due to oil theft. The Senate committee investigating the losses recommended that the government set up a special court to prosecute oil thieves and use state funds to reduce pipeline damage [1] - India's largest private refiner, Reliance Industries, is seeking to sell some Middle Eastern oil cargoes to domestic and international buyers. It bought millions of barrels of crude oil from the Middle East last month after US sanctions on Russia [1] - The CEO of energy giant Gunvor said the oil market has become more stable, and oil and gas will continue to grow. Sanctions on Russia and Iran are causing record-high oil storage on ships, preventing a global supply glut [1] Group 2: Investment Logic - There are differences in views on seaborne cargoes. According to Kpler data, more than half of the current seaborne cargo is compliant crude oil, mainly from the Middle East, the US, and Latin America. Due to high freight and demand issues, the physical premium of crude oil from West Africa and Latin America continues to decline, which may lead to a contango structure in the near-term forward curve and stimulate onshore and floating storage [2] Group 3: Strategy - Oil prices will fluctuate in the short term, with a bearish configuration in the medium term. The strategy is to buy far-month contracts and sell near-month contracts to short the Brent spread [3] Group 4: Figures - Figures include the price trend of crude oil futures, the comparison of crude oil futures and domestic refined oil prices, the comparison of crude oil futures and US Treasury yields, the comparison of crude oil futures and copper prices, the comparison of crude oil futures and gold prices, and China's refinery profits [5]

声明还说，由于季节性因素，上述国家决定在2026年1月、2月和3月暂停增产步伐，产量与2025年12月 保持相同。 上述8国2023年4月宣布日均约165万桶原油的自愿减产措施，并于2023年11月再次宣布日均220万桶原油 的额外自愿减产措施，此后这两大减产措施多次延期。但在此期间，美国、加拿大等国原油产量增加， 导致欧佩克失去部分市场份额。今年3月，8国决定自4月1日起逐步增加原油产量。5月、6月和7月日均 增产41.1万桶，8月日均增产54.8万桶，9月日均增产54.7万桶，10月和11月日均增产13.7万桶。 来源：新华网 石油输出国组织（欧佩克）2日发表声明说，欧佩克和非欧佩克产油国中的8个主要产油国决定12月保持 增产节奏，日均增产13.7万桶原油，但2026年前三个月将暂停增产计划。 沙特阿拉伯、俄罗斯、伊拉克、阿联酋、科威特、哈萨克斯坦、阿尔及利亚和阿曼的代表当天举行线上 会议，讨论国际石油市场形势及前景。 声明说，鉴于当前全球经济预期相对平稳，石油库存水平较低，8国做出12月增产调整，并表示增产举 措是对此前自愿减产作出的回调。为维护石油市场稳定，8国将根据市场情况灵活调整增产节奏。 ...

声明说，鉴于当前全球经济预期相对平稳，石油库存水平较低，8国做出12月增产调整，并表示增产举 措是对此前自愿减产作出的回调。为维护石油市场稳定，8国将根据市场情况灵活调整增产节奏。 声明还说，由于季节性因素，上述国家决定在2026年1月、2月和3月暂停增产步伐，产量与2025年12月 保持相同。 新华财经维也纳11月3日电（记者孟凡宇）石油输出国组织（欧佩克）2日发表声明说，欧佩克和非欧佩 克产油国中的8个主要产油国决定12月保持增产节奏，日均增产13.7万桶原油，但2026年前三个月将暂 停增产计划。 沙特阿拉伯、俄罗斯、伊拉克、阿联酋、科威特、哈萨克斯坦、阿尔及利亚和阿曼的代表当天举行线上 会议，讨论国际石油市场形势及前景。 上述8国2023年4月宣布日均约165万桶原油的自愿减产措施，并于2023年11月再次宣布日均220万桶原油 的额外自愿减产措施，此后这两大减产措施多次延期。但在此期间，美国、加拿大等国原油产量增加， 导致欧佩克失去部分市场份额。今年3月，8国决定自4月1日起逐步增加原油产量。5月、6月和7月日均 增产41.1万桶，8月日均增产54.8万桶，9月日均增产54.7万桶，10月和11月日 ...

声明还说，由于季节性因素，上述国家决定在2026年1月、2月和3月暂停增产步伐，产量与2025年12月 保持相同。 上述8国2023年4月宣布日均约165万桶原油的自愿减产措施，并于2023年11月再次宣布日均220万桶原油 的额外自愿减产措施，此后这两大减产措施多次延期。但在此期间，美国、加拿大等国原油产量增加， 导致欧佩克失去部分市场份额。今年3月，8国决定自4月1日起逐步增加原油产量。5月、6月和7月日均 增产41.1万桶，8月日均增产54.8万桶，9月日均增产54.7万桶，10月和11月日均增产13.7万桶。 新华社维也纳11月3日电（记者孟凡宇）石油输出国组织（欧佩克）2日发表声明说，欧佩克和非欧佩克 产油国中的8个主要产油国决定12月保持增产节奏，日均增产13.7万桶原油，但2026年前三个月将暂停 增产计划。 沙特阿拉伯、俄罗斯、伊拉克、阿联酋、科威特、哈萨克斯坦、阿尔及利亚和阿曼的代表当天举行线上 会议，讨论国际石油市场形势及前景。 声明说，鉴于当前全球经济预期相对平稳，石油库存水平较低，8国做出12月增产调整，并表示增产举 措是对此前自愿减产作出的回调。为维护石油市场稳定，8国将根据市场情况 ...

声明还说，由于季节性因素，上述国家决定在2026年1月、2月和3月暂停增产步伐，产量与2025年12月 保持相同。 上述8国2023年4月宣布日均约165万桶原油的自愿减产措施，并于2023年11月再次宣布日均220万桶原油 的额外自愿减产措施，此后这两大减产措施多次延期。但在此期间，美国、加拿大等国原油产量增加， 导致欧佩克失去部分市场份额。今年3月，8国决定自4月1日起逐步增加原油产量。5月、6月和7月日均 增产41.1万桶，8月日均增产54.8万桶，9月日均增产54.7万桶，10月和11月日均增产13.7万桶。 【纠错】 【责任编辑:王萌萌】 新华社维也纳11月3日电（记者孟凡宇）石油输出国组织（欧佩克）2日发表声明说，欧佩克和非欧佩克 产油国中的8个主要产油国决定12月保持增产节奏，日均增产13.7万桶原油，但2026年前三个月将暂停 增产计划。 沙特阿拉伯、俄罗斯、伊拉克、阿联酋、科威特、哈萨克斯坦、阿尔及利亚和阿曼的代表当天举行线上 会议，讨论国际石油市场形势及前景。 声明说，鉴于当前全球经济预期相对平稳，石油库存水平较低，8国做出12月增产调整，并表示增产举 措是对此前自愿减产作出的回调。为维护 ...

Core Viewpoint - The OPEC+ meeting reflects ongoing coordination among member countries to ensure stability in the oil market, based on comprehensive analysis of production, inventory, and future market expectations [1] Group 1 - The OPEC+ decision is grounded in thorough analysis of market data related to production levels [1] - The meeting emphasizes the importance of collaboration among participating countries to maintain oil market stability [1] - Future expectations and inventory levels were key factors in the discussions and decisions made during the OPEC+ meeting [1]

Group 1 - Mexico's gold production totaled 6,078 kilograms, copper production reached 37,077 tons, and silver production was 350,039 kilograms in April [1] - Iran's crude oil exports surged to approximately 1.95 million barrels per day from June 1 to June 20 [1] - Russia is prepared to participate in oil projects in Indonesian waters and increase crude oil and LNG supplies to Indonesia [1] Group 2 - Saudi Energy Minister stated that they will only respond to reality regarding potential losses in Iranian oil supply [1] - Japan's Prime Minister announced measures to ensure gasoline prices do not exceed 175 yen per liter, with new gasoline measures to meet expected demand surge in July and August [1] - Citigroup forecasts that if conflicts lead to disruptions in Iranian oil exports, oil prices could rise to $75-78 per barrel, and if supply disruptions reach 3 million barrels per day, prices could hit $90 [1] Group 3 - JPMorgan indicated that in extreme scenarios, such as the closure of the Strait of Hormuz, oil prices could potentially soar to $120-130 per barrel [1] - Russian Deputy Prime Minister Novak emphasized the need for a stable oil market and that OPEC+ should smoothly execute its plans [2] - The Secretary-General of OPEC noted that oil demand continues to grow [3]

Domestic News - The three departments held a video conference to strengthen the safety management of new energy vehicles, emphasizing the need to avoid "involution-style" competition and ensuring quality standards are met [1] International News - The Bank of England maintained its policy interest rate at 4.25%, aligning with market expectations, while internal voting showed increasing divisions. Traders have raised bets on a 50 basis point rate cut by the end of the year [3] - The EU is pushing for a trade agreement with the US similar to the UK's, with European officials reportedly more willing to accept a 10% reciprocal tariff benchmark [3] - Iran's Foreign Ministry confirmed upcoming talks in Geneva with France, the UK, Germany, and the EU's foreign affairs chief [3] - The Israeli Defense Forces reported the discovery of Iran launching ballistic missiles, with over 10 missiles fired in the latest round of attacks [3]

Core Viewpoint - A potential joint action by Russia, the United States, and Saudi Arabia to stabilize the oil market is possible, based on a precedent set in 2020 [1] Group 1 - The head of the Russian Direct Investment Fund (RDIF), Dmitryiev, indicated the possibility of collaboration among these countries to address oil market stability [1]

Group 1 - The Iraqi Oil Minister urges all parties to adhere to the agreements reached at the OPEC+ meeting, emphasizing that a unified stance is crucial for the stability of the oil market [1]