In 2023, under the combined influence of multiple factors such as weak global economic growth, frequent banking crises in Europe and the US, OPEC production cuts, and escalation of the Palestinian-Israeli conflict, the international oil price showed a wide range of oscillations trend of first low and then high, and the price of Brent crude fluctuated in the mid to high range of 70 to 100 USD/barrel. In 2024, the Palestinian-Israeli conflict is further intensifying and spreading to many countries, and the Russia-Ukraine conflict has entered a new phase, while a number of countries will usher in general elections, which will exacerbate geopolitical turbulence to a certain extent. Coupled with OPEC's production cuts and the adjustment of the world oil trade pattern, it is expected that the international oil market will still be characterized by greater uncertainty, and that international oil prices will continue to maintain a medium-to-high volatility trend. In addition, global refining gross margins remain generally healthy, but the chemical market remains sluggish, and cyclical adjustments in the refining and chemical industry will continue.