Oil Price Overview - As of September 5, 2025, international oil prices have declined, with Brent crude settling at $65.50 per barrel (-2.93%) and WTI at $61.87 per barrel (-3.34%) [2][4] - The decline in oil prices is attributed to geopolitical risks, including Houthi attacks on Red Sea tankers, and market reactions to the upcoming OPEC+ meeting, which has agreed to increase production by 137,000 barrels per day in October [2][3] U.S. Oil Supply and Demand - U.S. crude oil production decreased to 13.423 million barrels per day as of August 29, 2025, down by 16,000 barrels per day [3] - The number of active drilling rigs in the U.S. increased to 414, while the number of hydraulic fracturing fleets rose to 164 [3] - U.S. refinery crude processing decreased to 16.869 million barrels per day, with a refinery utilization rate of 94.30%, down by 0.3 percentage points [3] U.S. Oil Inventory - Total U.S. crude oil inventory increased to 825 million barrels, up by 2.924 million barrels (+0.36%) as of August 29, 2025 [4] - Strategic oil reserves rose to 405 million barrels (+0.13%), while commercial crude oil stocks increased to 421 million barrels (+0.58%) [4] - Gasoline and diesel inventories showed mixed trends, with gasoline down by 379,500 barrels (-1.71%) and diesel up by 168,100 barrels (+1.47%) [4] Offshore Drilling Services - The number of global offshore self-elevating drilling rigs decreased to 372, with reductions in Africa, the Middle East, and other regions [3] - The number of global floating drilling rigs increased to 133, with notable increases in Europe, South America, and other regions [3] Related Companies - Key companies in the sector include China National Offshore Oil Corporation (CNOOC), China Petroleum & Chemical Corporation (Sinopec), and China National Petroleum Corporation (PetroChina) [4]