Recently, China's petroleum industry has made intensive new progress in exploration technology, strategic reserves, and industrial upgrading, while the international oil market is experiencing new changes in supply and demand patterns, injecting multiple drivers into energy security.

A new tool for deep exploration: The country's first 175 MPa ultra-high-pressure blowout preventer stack was successfully applied in the Tarim Oilfield, achieving safe drilling to 7,945.2 meters, filling the technical gap in ultra-high-pressure and ultra-high-temperature well control equipment, and supporting the development of resources in ultra-deep formations. Accelerated strategic reserves: The Yan'an one-million-cubic-meter crude oil storage project, with a total investment of 2.1 billion yuan, was completed in 8 months using a pioneering domestic foundation treatment technology, setting a record for the fastest construction of similar projects and significantly enhancing crude oil storage capacity in Northwest China.

Steady progress in refining and petrochemical upgrades: PetroChina Dalian Petrochemical's 68.5 billion yuan integrated refining and petrochemical project is planned to start in 2026, with the construction of a new 10 million tons/year refinery and high-end chemical production lines, promoting the industry's transition toward green and intelligent development; Karamay Petrochemical's 500,000 tons/year propane deasphalting unit has been put into operation, achieving the green transition goal of 'reducing oil, increasing specialty products.'

In the international market, affected by supply-demand patterns and geopolitical factors, international oil prices have recently fluctuated downward. OPEC faces challenges in capacity control, while increased U.S. shale oil production and the growing electricity demand from the AI industry have become key variables affecting the market.