Core Viewpoint - China National Offshore Oil Corporation (CNOOC) has achieved a domestic natural gas production rate exceeding 100 million cubic meters per day, marking a new record in its operations [1] Group 1: Production Achievements - CNOOC's strategy focuses on "stabilizing oil production while increasing gas output," leading to steady growth in offshore and unconventional onshore natural gas production and capacity [1] - The "Deep Sea No. 1" Phase II project has been fully operational since June, increasing the peak annual production of the ultra-deepwater gas field from 3 billion cubic meters to 4.5 billion cubic meters [1] - Natural gas production from deepwater gas fields contributes over 30% to CNOOC's total natural gas output [1] Group 2: Regional Production Highlights - In July, the Bohai Oilfield's natural gas production exceeded 12 million cubic meters per day, with a total production of 52 billion cubic meters since its inception [1] - The production from the Bozhong 19-6 condensate gas field has increased by 1 million cubic meters per day year-on-year, demonstrating breakthroughs in the development of low-permeability gas reservoirs [1] - The scale and collaborative efficiency of unconventional onshore natural gas construction continue to improve [1]

Report Industry Investment Ratings - Crude oil: ★★★ [1] - Fuel oil: ★★★ [1] - Low-sulfur fuel oil: ★★★ [1] - Asphalt: ★☆★ [1] - Liquefied petroleum gas (LPG): ★★★ [1] Core Views - The oil market supply and demand have been basically balanced since the third quarter, but the inventory accumulation pressure is expected to increase due to OPEC+ production increase in September and weaker demand after the peak season, providing a bearish guidance for oil prices [2] - High-sulfur fuel oil has relatively weak follow-up increase compared to crude oil, while low-sulfur fuel oil has given back most of its previous gains. The supply pressure of LU has eased, and FU has received a phased geopolitical premium boost [3] - The geopolitical conflict between Venezuela and the US may affect Venezuelan oil shipments. The inventories of asphalt have continued to decline, and the short-term BU is expected to fluctuate strongly [4] - After the end of the gas off-season, LPG shows certain resilience. The import cost increase and domestic demand rebound support the price, and the short-term futures market shows a pattern of near-term strength and far-term weakness [5] Summary by Related Catalogs Crude Oil - Overnight international oil prices rose, with the SC10 contract rising 0.57% intraday. The net long positions in overseas crude oil futures and options are at a low level, and oil prices are still sensitive to geopolitical fluctuations. The US issued a new round of sanctions against Iranian oil sales on Tuesday [2] - Consider the opportunity to short on rallies when the SC11 contract rebounds above 495 yuan/barrel driven by this round of geopolitical fluctuations, and use out-of-the-money call options for protection [2] Fuel Oil & Low-sulfur Fuel Oil - High-sulfur fuel oil has relatively weak follow-up increase compared to crude oil, and low-sulfur fuel oil has given back most of its previous gains. The inventories of Singapore and Fujairah have both increased month-on-month [3] - The third batch of quotas has been issued much later than market expectations. As the utilization rate increases, the supply pressure of LU has eased, providing certain support for prices. The FU warehouse receipts decreased by 11,280 tons today, and the geopolitical conflicts in high-sulfur resource supply countries have given FU a phased geopolitical premium boost [3] Asphalt - The geopolitical conflict between Venezuela and the US is intensifying, and it is necessary to track and observe whether it will affect Venezuelan oil shipments [4] - The latest data shows that both factory and social inventories have continued to decline, meeting the previous expectation of marginal tightening of supply and demand. The short-term BU is expected to fluctuate strongly, and the 10 contract is strongly supported at 3,500 yuan/ton [4] - For the spread strategy, continue to pay attention to the opportunity to go long on the cracking spread between BU and the SC10 contract on pullbacks [4] LPG - LPG prices have remained stable in September. After the end of the gas off-season, it shows certain resilience. After the previous rapid decline, the bearish pressure has been released, and the international market has strong bottom support due to the strong chemical demand in East Asia recently [5] - The increase in import cost and the rebound in domestic demand support the price, and the price of civil gas has been raised. Although the high level of warehouse receipts puts pressure on the futures market, the stabilization of the spot market eases the delivery pressure, and the high basis pattern remains. The short-term futures market shows a pattern of near-term strength and far-term weakness [5]

文︱陆弃 欧盟又在折腾。对外放话要"彻底堵死"俄罗斯天然气的出口漏洞，要在2027年把俄气赶出欧洲市场。听 起来很硬气，但细看下来，满满的心虚。因为欧盟自己心里最清楚，俄气哪有那么容易戒掉？它们在 喊"去俄化"，实际上却在跟现实较劲。 这次跳出来当急先锋的，是丹麦。作为欧盟轮值主席国，它提交了一份修改方案，要求进口商必须拿出 证据，证明买来的天然气不是俄罗斯货。看似严谨，实际上就像让人证明空气从哪儿吹来。更搞笑的 是，方案特别点名"土耳其溪"管道，说这条管道的天然气都可能是俄罗斯产，要倒推、要甄别、要层层 把关。问题是，你真能在分子层面分辨清楚？连专业机构都承认：几乎没有办法。 俄乌冲突前，俄罗斯有一整套通往欧洲的天然气大动脉。亚马尔-欧洲管道关停，"北溪"被炸毁，乌克 兰过境协议到期，现在就剩下"土耳其溪"还在运作，向土耳其、塞尔维亚、匈牙利送气。也就是说，这 条管道成了俄罗斯能源进入欧洲的唯一活口。丹麦的方案瞄准它，其实就是要把最后一条命脉掐死。说 得冠冕堂皇，背后是彻底斩断欧洲和俄罗斯之间的能源依存。 可问题来了，土耳其已经公开表态：不支持欧盟放弃俄气。别忘了，土耳其就是能源通道的关键节点， 管道入口就 ...

Group 1 - The core point of the article is the significant energy cooperation agreement reached between China, Russia, and Mongolia, particularly focusing on the "Power of Siberia-2" pipeline project, which has been a long-standing initiative that has finally gained momentum [1][3][5] - The "Power of Siberia" pipeline project has seen a substantial increase in gas supply scale by 600,000 cubic meters, indicating a strong commitment from both China and Russia to enhance energy collaboration [1][4] - Mongolia's role has shifted from indecision to a more committed stance, as the new president has expressed willingness to actively support the pipeline project, recognizing the economic benefits it brings [5][7] Group 2 - The Russian side has made multiple adjustments to the project terms, including pricing and pipeline routes, to meet China's requirements, demonstrating a flexible approach to secure the agreement [4][8] - The geopolitical implications of this agreement are significant, as it positions Russia and China to strengthen their energy ties while leaving the United States in a challenging position regarding its energy market strategy [7][8] - The completion of the "Power of Siberia-2" project is expected to provide long-term economic benefits for all three countries involved, enhancing regional energy security and cooperation [3][5]

Core Viewpoint - The chairman of Gazprom, Alexey Miller, has declared that Europe's energy future is determined, with no room for additional energy supply to Europe, indicating a significant shift towards Eastern markets for Russian gas [1][3]. Group 1: Energy Supply Dynamics - Gazprom has signed a historic memorandum that will fundamentally alter the global energy landscape, emphasizing that the cost of supplying gas to the East is objectively lower than to Europe due to geographical advantages and optimized logistics [3]. - The shift in energy supply towards the East is seen as a response to the high costs associated with European LNG imports, which are burdened by intermediary fees [3][4]. Group 2: Geopolitical Implications - The geopolitical map is being redrawn, with Russia and China entering into a significant contract, while Europe struggles to find alternatives to Russian gas amidst ongoing debates over quotas and sanctions [3][4]. - Miller's statements suggest that the EU is perceived as an expensive and unreliable buyer, paying the price for political ambitions with economic downturns and energy crises [4]. Group 3: Economic Consequences for Europe - Europe is facing an unprecedented energy crisis as it attempts to replace Russian gas, with the potential for severe industrial decline and economic repercussions as a result of this energy transition [3][4].

Core Viewpoint - The 2026 Siberia International Oil, Gas and Petrochemical Technology Equipment Exhibition aims to create a professional international exchange platform for the oil and gas industry, facilitating trade and communication among global enterprises [6]. Group 1: Event Details - The exhibition will take place from June 18 to 20, 2026, at the Siberia Export Exhibition Center in Russia [1]. - Various sectors will be represented, including oilfield special vehicles, electrical equipment, oil refining technology, petrochemical processes, and environmental technologies [5]. Group 2: Participation and Costs - Standard booth fees are set at ¥39,800 for a 9 m² double-sided booth, with an additional 10% charge for double openings; indoor space is priced at ¥4,000 per m² with a minimum rental of 36 m² [5]. - The event offers flexible participation options, including joint booths and a hybrid online-offline model to lower entry barriers for exhibitors [7]. Group 3: Networking Opportunities - The exhibition will provide opportunities for face-to-face interactions with local procurement decision-makers, allowing participants to gain insights into market demands and challenges faced by the industry [6]. - Concurrent events include the 2026 Russia Far East Siberia International Petrochemical Equipment Procurement Summit and various forums and conferences focused on oil and gas [5].

Group 1 - The core point of the article is that Shouhua Gas reported a total of 21,010 common stock shareholders as of August 29, 2025 [2]

Group 1 - The core agreement between Russia and China involves the approval of the "Power of Siberia-2" pipeline project and the "Eastern Route" transit line through Mongolia, with a strategic cooperation memorandum signed for the supply of 50 billion cubic meters of gas annually for the next 30 years [2][3] - The total scale of gas trade between the two countries will increase to 106 billion cubic meters per year, with expected annual revenue exceeding $27 billion for Russia [2][4] - The new pipeline is projected to be the largest and most significant investment project in the global gas industry, with a total investment of approximately $15 billion [6][4] Group 2 - The "Power of Siberia-2" pipeline will connect gas fields in Yamal and Western Siberia to China, with a design capacity of 50 billion cubic meters per year, and is expected to start supplying gas around 2031-2032 [6][8] - The existing "Power of Siberia" pipeline's export capacity will be increased from 38 billion to 44 billion cubic meters per year, while the "Far East Route" will rise from 10 billion to 12 billion cubic meters per year, starting in January 2027 [4][8] - The projects will enhance energy security for China, reduce reliance on LNG imports from the US and Australia, and provide Russia with stable sales in the growing Asian market, while also fostering domestic industrial development [11]

Core Points - Russia and China have officially signed a memorandum for the construction of the "Power of Siberia-2" gas pipeline, which will transport gas through Mongolia to China, with an annual capacity of 50 billion cubic meters and a contract duration of 30 years [1][3] Group 1: Project Details - The gas pipeline will have a significant annual gas supply capacity of 50 billion cubic meters [1] - The contract for the pipeline is set for a long duration of 30 years, indicating a strong commitment between the two nations [1] Group 2: Geopolitical Implications - The announcement of the project marks a significant turning point in energy geopolitics, showcasing China's disregard for Western pressures to reduce cooperation with Russia [3] - The project reflects China's increasing influence in the energy sector and its proactive stance in the relationship with Russia [3] - The collaboration is expected to reshape the Eurasian energy trade landscape and could be a key step in altering the global geopolitical balance [3] Group 3: Future Prospects - Although specific details regarding gas pricing, financing, and construction timelines are not fully finalized, the agreement highlights China's ongoing interest in Russian energy [3] - As the EU plans to completely phase out Russian energy by 2027, any new agreements are likely to be more favorable to China [3] - China is also accelerating its energy diversification and decarbonization strategies, further solidifying its energy independence goals [3]

Core Viewpoint - The recent visit of Zheng Deyan, the new head of the Shandong Provincial Energy Bureau, to Qingdao highlights the focus on energy supply security and energy transition, particularly through collaboration with China Petroleum & Chemical Corporation (Sinopec) [1][4][11]. Group 1: Energy Supply and Infrastructure - Zheng Deyan's visit included inspections of Sinopec's LNG receiving station and the photovoltaic hydrogen production project, emphasizing the importance of stable natural gas supply and safety in production [1][4]. - Shandong Province faces significant pressure in ensuring natural gas supply, with a reported consumption of 23.66 billion cubic meters in 2021, marking an 11% increase year-on-year [4][5]. - The Qingdao LNG receiving station, operational since November 2014, is the only LNG terminal in Shandong, with an annual gas supply capacity of 16.5 billion cubic meters [5][7]. Group 2: Renewable Energy Initiatives - The Qingdao LNG receiving station has been upgraded to an international transit station, significantly alleviating energy supply pressures in North China, with nearly 50 million tons of resources received and approximately 54 billion cubic meters of gas supplied by July 2023 [7][8]. - The newly established floating photovoltaic project in Qingdao is China's first industrial operational floating solar project, generating 16.7 million kWh of green electricity annually and reducing CO2 emissions by 14,000 tons [8][9]. Group 3: Collaboration with Local Government - The partnership between Sinopec and Qingdao has been strengthened through capital operations, with Qingdao Energy Group acquiring a stake in Sinopec's LNG company, enhancing the city's gas supply capabilities [17][20]. - The collaboration aims to develop a comprehensive energy supply system, addressing both urban energy security and industrial development needs [20][21]. - The ongoing discussions about the relocation of Qingdao Petrochemical highlight the need for further cooperation in emerging industries and refining sectors [21][22].