Report Industry Investment Rating - The investment rating for crude oil in the short - term is to continue watching [1] Core Views - The prices of major crude oil futures have increased, and there are various situations in crude oil arbitrage opportunities in different regions, along with some significant market news affecting the crude oil market [1][2][12] Summary by Relevant Catalogs 1. Crude Oil Futures Price Movements - NYMEX WTI futures 01 contract rose by $0.67 per barrel, a month - on - month increase of 1.21%, reaching $55.94 per barrel; ICE Brent oil futures 02 contract rose by $0.76 per barrel, a month - on - month increase of 1.29%, reaching $59.68 per barrel; SC2602 crude oil futures closed up by 3.10 yuan per barrel, a gain of 0.73%, at 427.40 yuan per barrel [1] 2. Mexican Gulf Crude Oil Arbitrage - The arbitrage windows for Arab Extra Light, Arab Light, Nemba, Agbami, Forties, Arab Heavy, and Vasconia crude oils are closed, while Castilla and Napo crude oils present arbitrage opportunities, and Maya crude oil is close to the break - even point [2][4] 3. Atlantic Crude Oil Arbitrage - The arbitrage window for Forties is closed, while Arab Extra Light, Saharan Blend, and Urals crude oils present arbitrage opportunities, and Cabinda crude oil has insufficient competitiveness [4] 4. Northwest Europe Crude Oil Arbitrage - WTI MEH, Eagle Ford, Azeri Light, Saharan Blend, and Bonny Light crude oils all present arbitrage opportunities in the Northwest Europe market [6] 5. Mediterranean Crude Oil Arbitrage - The arbitrage windows for Saharan Blend, Azeri Light, Bonny Light, Ekofisk, and Eagle Ford crude oils are all closed when using Urals as the benchmark [7][8] 6. Asian Crude Oil Arbitrage - Duri, Napo, and Mars crude oils present arbitrage opportunities, while Basrah Heavy and Maya crude oils have their arbitrage windows closed [9] 7. Key Market News - The Trump administration is inquiring if US oil companies are interested in returning to Venezuela, but the industry shows little interest due to low oil prices and other factors; several Venezuelan oil - by - product ships sailed out under naval escort; the Amuay refinery in Venezuela has restarted; US EIA crude oil inventory data shows changes; PDVSA declares normal export operations [12] 8. Trend Intensity - The trend intensity of crude oil is 0, indicating a neutral state [11]

Group 1 - Russian President's assistant Ushakov commented on the recent discussions between Russia and the U.S. regarding Ukraine's NATO membership and the impact of Russian military successes on Western evaluations of conflict resolution [2] - U.S. President Trump described the meeting between U.S. envoys and President Putin as "quite good," although he could not disclose the outcomes of the talks [3] - Ukrainian President Zelensky announced that Ukraine is preparing for a new round of talks with U.S. representatives, emphasizing ongoing coordination with partners [5][6] Group 2 - The Turkish Foreign Minister discussed Black Sea security and the end of the Ukraine crisis with NATO Secretary-General during a meeting, following recent attacks on Russian vessels in the Black Sea [8] - Venezuela's oil exports increased to approximately 921,000 barrels per day in November, despite U.S. pressure, marking the third-highest monthly average this year [10] - The geopolitical factors have led to significant fluctuations in international oil prices, with recent data indicating a potential oversupply in the market [12][13]

Core Insights - Venezuela's oil exports slightly increased to approximately 921,000 barrels per day in November, marking the third highest monthly average of the year [1] - The increase in exports is attributed to a 3% rise compared to October, despite ongoing U.S. military operations in the Caribbean not disrupting Venezuela's oil trade [1] - U.S. oil exports to Venezuela rose to about 150,000 barrels per day in November, up from 128,000 barrels per day in October [1] - Exports of Venezuelan oil by-products and petrochemicals increased from 195,000 tons in October to approximately 277,000 tons in November [1] - Imports of light crude oil and fuel surged from 74,000 barrels per day in October to about 167,000 barrels per day, more than doubling [1]