Group 1 - WTI August crude oil futures closed at $67.00 per barrel [1] - Abu Dhabi Murban crude oil futures are currently down 0.28%, trading at $70.03 per barrel as of 02:31 Beijing time [1] - NYMEX August natural gas futures closed at $3.4090 per million British thermal units [1] Group 2 - NYMEX August gasoline futures closed at $2.1186 per gallon [1] - NYMEX August heating oil futures closed at $2.3698 per gallon [1]

智通财经7月3日电，厄瓜多尔国家石油公司当地时间7月2日发布公告，受强降雨影响，该国纳波省埃尔 查科镇的洛科河水流量增加。为保护基础设施和环境，预防性暂停厄瓜多尔管道系统两条输油管道运 行。公告说专业技术人员正在紧急修建绕行管道，以确保原油安全运输。预计该工程约需三天完成。埃 尔查科镇的输油管道曾在3月22日发生泄漏。石油是厄瓜多尔的主要出口产品，根据厄瓜多尔国家石油 公司的数据，该国石油日产量接近50万桶。 (央视新闻) 厄瓜多尔因强降雨暂停两条输油管道运行 ...

Group 1 - Iran is preparing to lay mines in the Strait of Hormuz amid the outbreak of conflict with Israel [1] - Russia will temporarily reduce fuel exports to stabilize the exchange rate [2] - Iraq reports that imports of Iranian natural gas have decreased by half [3] Group 2 - Mexico's oil production has fallen to levels not seen since the late 1970s [4] - Goldman Sachs indicates that if OPEC+ decides to increase production, the market is unlikely to react significantly as expectations have already shifted in that direction [5] - Shipping intelligence firm Kpler reports that Saudi Arabia's crude oil exports increased by 450,000 barrels per day in June to 6.33 million barrels per day, the highest level in over a year [6] Group 3 - Kazakhstan's crude oil production in June increased by 7.5% compared to May, reaching 1.88 million barrels per day, marking a historical high [7] - Kazakhstan's crude oil production in the first half of the year grew by 13% year-on-year, reaching 1.79 million barrels per day [7]

1. Report Industry Investment Rating No information about the industry investment rating is provided in the given content. 2. Report's Core View - The international three major institutions (IEA, EIA, OPEC) have adjusted their forecasts for global crude oil supply, demand, and inventory in 2025 in their June reports. The average forecast for inventory change is flat compared to last month, while the supply forecasts have increased, and the demand forecasts have mixed changes. Non - OECD countries, represented by China, are expected to be the main contributors to the global crude oil demand growth in 2025 [2][99][111]. 3. Summary According to Relevant Catalogs 3.1 Global Crude Oil Inventory - IEA, EIA, and OPEC predict 2025 global crude oil inventory changes to be +110, +82, and - 132 barrels per day respectively, with changes of -10, -5, and +15 barrels per day compared to May 2025 forecasts. The average forecast for 2025 inventory change is +20 barrels per day, unchanged from last month's average [2]. 3.2 Global Crude Oil Supply 3.2.1 Global Crude Oil Supply Overview - IEA, EIA, and OPEC predict 2025 crude oil supply to be 10490, 10434, and 10382 barrels per day respectively, an increase of 190, 159, and 147 barrels per day compared to 2024. Compared to May 2025 forecasts, the increases are 30, 22, and 4 barrels per day respectively [16]. 3.2.2 Global Major Regional Crude Oil Supply Situations - **Three - institution Regional Supply Increment Forecasts**: IEA expects the 2025 global crude oil supply increment to be concentrated in OPEC, American OECD countries, and Latin American countries; EIA expects it to be in North American and Central & South American countries; OPEC expects it to be in DoC and American OECD countries [29][31][35]. - **OPEC+**: In May 2025, the total crude oil production of 12 OPEC countries averaged 2702 barrels per day, a month - on - month increase of 18.3 barrels per day, due to production changes in Iran, Iraq, and Saudi Arabia. The total remaining capacity of OPEC+ is 619 barrels per day, a month - on - month decrease of 16 barrels per day [37][41]. - **Russia**: In May 2025, Russia's total export volume was 730 barrels per day, a year - on - year decrease of 30 barrels per day [54]. - **USA**: EIA predicts that the average crude oil production in the US in 2025 will be 1341 barrels per day, an increase of 21 barrels per day compared to 2024 and unchanged from the May 2025 forecast. As of June 2024, the total production of the seven major shale oil producing regions in the US was 985 barrels per day, a month - on - month increase of 1.7 barrels per day; the shale oil production in the Permian region was 619 barrels per day, a month - on - month increase of 1.8 barrels per day [63][69]. 3.3 Global Crude Oil Demand 3.3.1 Global Crude Oil Demand Overview - IEA, EIA, and OPEC predict 2025 crude oil demand to be 10380, 10353, and 10513 barrels per day respectively, an increase of 80, 79, and 138 barrels per day compared to 2024. Compared to May 2025 forecasts, the changes are -10, -19, and +14 barrels per day respectively. Non - OECD countries represented by China are expected to be the main contributors to the demand increment, while OECD countries' demand growth is expected to be weak [99][111]. 3.3.2 Global Different Petroleum Product Demand Situations - IEA expects the demand for chemical oil to recover significantly in 2025. Globally, the demand for aviation kerosene, diesel, and gasoline is expected to increase by 13, 4, and 12 barrels per day respectively compared to 2024; the demand for LPG and ethane, and naphtha in the chemical product sector will increase by 30 and 20 barrels per day respectively. In China, the demand for chemical oil is also expected to recover, with changes in the demand for aviation kerosene, diesel, and gasoline being +2, -3, and -13 barrels per day respectively, and the demand for LPG and ethane, and naphtha increasing by 6 and 15 barrels per day respectively [117][119]. 3.4 Related Listed Companies - Recommended companies include CNOOC Limited (600938.SH/0883.HK), PetroChina Company Limited (601857.SH/0857.HK), Sinopec Corp. (600028.SH/0386.HK), CNOOC Energy Technology & Services Limited (601808.SH), Offshore Oil Engineering Co., Ltd. (600583.SH), and CNOOC Development Co., Ltd. (600968.SH). Companies to be concerned about include Sinopec Oilfield Service Corporation (600871.SH/1033.HK), China Petroleum Engineering & Construction Corporation (600339.SH), and Sinopec Mechanical Engineering Co., Ltd. (000852.SZ) [3].

Core Viewpoint - Saudi Aramco is actively promoting low-carbon fuels through its partnership with F1, showcasing its commitment to sustainability and innovation in the automotive industry [1][2]. Group 1: Event and Collaboration - Saudi Aramco hosted a special screening event for the movie "F1: Drive to Survive" in Shanghai, inviting guests to experience the excitement of racing [1][4]. - The company is the exclusive supplier of advanced sustainable fuels for F2/F3 racing, having developed and supplied these fuels for all 52 cars since 2023 [1]. - In 2025, Saudi Aramco will supply 100% advanced sustainable biomass fuel that meets the International Automobile Federation (FIA) standards for F2/F3 events [1]. Group 2: Fuel Development and Environmental Impact - Saudi Aramco is collaborating with F1 to develop fuel formulations aimed at achieving 100% use of advanced sustainable fuels in F1 racing by 2026 [1]. - The company is also working with global partners on synthetic fuel projects, which are expected to reduce lifecycle carbon emissions compared to conventional fuels [1]. - The demand for low-carbon fuels is urgent, as the number of internal combustion engine vehicles worldwide has surpassed 1.4 billion [2].

马来西亚财政部长：正致力于敲定RON95汽油补贴调整的最终细节。 ...

Group 1 - WTI August crude oil futures closed at $65.11 per barrel [1] - NYMEX August natural gas futures closed at $3.4560 per million British thermal units [1] - NYMEX July gasoline futures closed at $2.0798 per gallon [1] - NYMEX July heating oil futures closed at $2.3458 per gallon [1]

Core Viewpoint - The company is committed to enhancing energy security and achieving high-quality development in the oil and gas industry, aligning with national strategies for energy strength and sustainability [1][2]. Group 1: Resource Foundation - The company prioritizes energy security as its core value and aims for high-quality development in the oil and gas sector, achieving a cumulative increase of 264 million tons in proven reserves and 666 million tons in controlled reserves from 2021 to 2023 [2]. - The company has produced 70.26 million tons of crude oil and 2.29 billion cubic meters of natural gas during the same period, with renewable energy capacity reaching 1.2 billion kilowatt-hours, accounting for over 23% of oil and gas production [2]. - The establishment of a national-level demonstration area for shale oil and the exploration of deep and ultra-deep layers have led to significant resource discoveries, with estimated resource volumes of 10.5 billion tons and 2.8 billion tons respectively [2][3]. Group 2: Technological Innovation - The company emphasizes technological innovation as a core engine for energy security, achieving breakthroughs in key theories and technologies, resulting in an annual increase of over 3 million tons of oil through technological advancements [4]. - Significant progress has been made in shale oil exploration and development, with the establishment of a national key laboratory and the development of new theories and technologies that have converted 90% of previously immobile resources into movable resources [4][5]. - The company has also made strides in chemical flooding techniques, improving recovery rates by 13.7% and covering geological reserves of 12 million tons [4]. Group 3: Green Development - The company integrates green development into its operations, focusing on clean fossil energy, large-scale clean energy, and low-carbon production processes, aiming to create a national-level demonstration area for green and low-carbon development [6][7]. - The establishment of a comprehensive energy service system and the implementation of 184 renewable energy projects have positioned the company as a leader in energy supply, with solar power capacity reaching 445 megawatts [7]. - The company has built the first million-ton CCUS demonstration project in the country, injecting over 1.9 million tons of carbon dioxide, contributing to regional CCUS industry development [7][8].

Group 1: Economic Impact - The recent "Big and Beautiful" bill passed by the U.S. Senate is expected to significantly influence the global economy over the next decade [1] - The bill raises the U.S. debt ceiling by $5 trillion, bringing the total to $41 trillion, which could lead to increased inflation and interest rates in the long term [3][5] - The market's reaction to the debt ceiling increase has been unusual, with minimal movement in U.S. Treasury yields and a decline in the dollar, as investors anticipate potential interest rate cuts by the Federal Reserve [3] Group 2: Tax Policies - The bill extends Trump's 2017 tax cuts to all income groups, maintaining the highest tax rate at 37% and increasing the estate tax exemption to $15 million per person [3] - While the tax cuts may benefit wealthier individuals, the bill also reduces spending on Medicaid and food stamps, requiring beneficiaries to work 80 hours per month to receive benefits [3] Group 3: Defense and Energy Sectors - The bill allocates $157 billion for military spending, with significant funds directed towards missile defense systems and shipbuilding, likely benefiting established defense contractors like Raytheon Technologies and General Dynamics [4] - The cancellation of clean energy tax credits and the termination of electric vehicle purchase subsidies may negatively impact companies in the renewable energy sector, such as Tesla and Sunrun, while traditional energy firms like ExxonMobil could benefit from expedited oil and gas drilling approvals [5] Group 4: AI Regulation - The bill includes AI regulatory provisions that tie federal broadband funding to state compliance with AI oversight, potentially affecting the global strategies of tech giants like Microsoft and Google [5]

Core Viewpoint - The large-scale free medical consultation event organized by China National Offshore Oil Corporation (CNOOC) in Uganda demonstrates the company's commitment to social responsibility and strengthens the friendship between China and Uganda [1][3][5]. Group 1: Medical Assistance and Community Engagement - CNOOC Uganda invited the 24th batch of Chinese medical aid team to provide free medical services to over 700 local patients and health training to 12,000 residents [1][9]. - The event included donations of medical equipment and essential medicines to the local community, showcasing CNOOC's long-term support for public health in Uganda [7][9]. - Local residents expressed gratitude for the medical services, highlighting the positive impact on their health and well-being [11][13]. Group 2: Strengthening Bilateral Relations - The event is seen as a testament to the deep friendship between China and Uganda, with officials emphasizing the importance of such initiatives in enhancing bilateral cooperation [3][5]. - CNOOC's ongoing social responsibility projects are contributing to Uganda's economic and social development, reinforcing the comprehensive strategic partnership between the two countries [3][9]. - The local government hopes that the data collected from the medical consultations will help improve healthcare services in the region [7]. Group 3: Long-term Commitment to Local Development - CNOOC has been actively involved in various community development projects, including infrastructure improvements and health education, to enhance the living standards of local residents [9][13]. - The company aims to integrate its operations with local community needs, ensuring that the development of the oil field also benefits the local population [9][13]. - The ongoing medical initiatives reflect CNOOC's dedication to not only energy development but also to the well-being of the communities in which it operates [9][13].