Jinwu Financial News | Petroleum stocks generally rose. China Oil and Gas Holdings (00702) rose 4.17%, CNPC (00857) rose 1.77%, Shanghai Petrochemical (00338) rose 1.67%, CNOOC (00883) rose 1.13%, Sinopec (00386) rose 0.47%, and Kunlun Energy (00135) rose 0.38%.
The National Bureau of Statistics announced the energy production situation for November 2024. In November, industrial crude oil production was 17.25 million tons, up 0.2% year on year; the average daily output was 0.575 million tons. Crude oil imports were 48.52 million tons, up 14.4% year over year. From January to November, industrial crude oil production was 194.92 million tons, up 1.9% year on year. Crude oil imports were 505.59 million tons, down 1.9% year on year. In November, the amount of industrial crude oil processed was 58.51 million tons, up 0.2% year on year, and decreased by 4.6% in October; the average daily processing volume was 1.95 million tons. From January to November, the amount of industrial crude oil processed according to regulations was 649.1 million tons, a year-on-year decrease of 1.8%.
The Cinda Securities report pointed out that with regard to future oil price prospects, the bank believes that US oil extraction is facing the double pressure of poor resource quality and cost inflation. OPEC+, led by Saudi Arabia, has not weakened its will and ability to maintain high oil prices, the pattern of tight crude oil supply has not fundamentally changed, and high oil price support still exists. However, in the transition between old and new energy sources, demand for crude oil is still growing. The world may continue to face the problem of tight crude oil supply and demand for many years. In the medium to long term, oil prices may remain medium to high.
