Report Summary 1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - This week, oil prices fluctuated. The inflection point in fundamentals has emerged, and the market is focusing on the ceasefire negotiations in the Russia-Ukraine conflict and the US's measures to impose additional tariffs on India. After the "Trump-Putin meeting", Trump said he would not consider imposing additional tariffs on China for purchasing Russian oil for the time being, and the risk rating of sanctions policies has decreased. Attention is now on whether India will resume spot market purchases of Russian oil next week. Fundamentally, global oil inventories are accumulating, with a 303-million-barrel increase in US commercial crude oil inventories. Brazil and Guyana have reached record-high crude oil export volumes. The peak seasons for gasoline and jet fuel demand have passed. This year's CDU autumn maintenance is scheduled later than usual, and the planned maintenance volume is lower than in previous years, which supports crude oil feedstock demand. In the short term, the absolute price of crude oil is expected to remain volatile, with attention on Russian crude oil supply. In the second half of the year, crude oil is expected to weaken under a supply-demand surplus scenario [5][6]. 3. Summary by Relevant Catalogs a. Oil Price Data - From August 15 - 21, 2025, WTI crude oil prices increased by $0.81, BRENT by $0.83, and DUBAI by $0.28. NYMEX RB rose by 3.14, and HO increased by 4.55. SC increased by 8.10, and OMAN by 0.59. Singapore fuel oil 380CST's discount improved by 1.5, and HH natural gas increased by 1.02 [2]. b. Daily News - On August 22, the US Treasury sanctioned a Greek shipping company accused of assisting in transporting Iranian oil, expanding the Trump administration's maximum pressure campaign against Tehran. On August 21, the UK sanctioned an Iranian business tycoon Hossein Shamkhani and several key enterprises in his network, including a hedge fund. Ukrainian President Zelensky said he hopes to clarify the security guarantee framework within 7 - 10 days and hold bilateral and trilateral leader meetings later [2][3]. c. Regional Fundamentals - In the week ending August 15, US crude oil exports increased by 795,000 barrels per day to 4.372 million barrels per day, domestic production increased by 55,000 barrels to 13.382 million barrels per day, commercial crude oil inventories (excluding strategic reserves) decreased by 6.014 million barrels to 421 million barrels (a 1.41% decrease), strategic petroleum reserve (SPR) inventories increased by 223,000 barrels to 403.4 million barrels (a 0.06% increase), and imports decreased by 423,000 barrels per day to 6.497 million barrels per day. US gasoline inventories decreased by 2.72 million barrels (expected -0.915 million barrels, previous -0.792 million barrels), and refined oil inventories increased by 2.343 million barrels (expected 0.928 million barrels, previous 0.714 million barrels). From August 8 - 14, the operating rates of major refineries and Shandong local refineries in China slightly increased. Refinery production of gasoline and diesel increased, while inventories decreased. The comprehensive profit of major refineries declined, and that of local refineries increased [5].