White oils are highly refined paraffinic or naphthenic base oils with minimal aromatic content. These oils are colorless, tasteless, odorless, and hydrophobic, and do not change their color over time. They are also known as light mineral oils, light liquid paraffin, and light paraffin oils in different parts of the world. White oils were prepared as by products of sulfonate production, formed when paraffinic or naphthenic base oils were treated with sulfuric acid. This process removes all unsaturated and aromatic compounds, nitrogen and sulfur impurities, toxic compounds, and color‐forming compounds. It also removes all natural oxidation inhibitors. However, currently, these oils are produced by a hydrogenation process that utilizes lubricant oil distillates. This process eliminates aromatic and unsaturated compounds and removes any nitrogen, sulfur, and color‐forming compounds present. The finished product meets the same purity requirements as white oils produced by acid‐treating. The inhibitor, vitamin E or butylated hydroxytoluene (BHT), must be added after the hydrogenation process. The majority of global lubricant producers, such as Shell, ExxonMobil, Castrol, and Total, are also among the white oil suppliers in the global market. However, some of these players do not hold any dominance in the global market, as the strength of the regional supply chain is one of the prime factors for supplier selection in the market. Regional availability/supply of base oil grades are mostly preferred by the white oil manufacturers for production. Indian, Chinese, and North American white oil producers prefer using group II base oil due to its abundant supply. Moreover, regional sourcing of the raw materials reduces the transit cost and lead time, which helps manufacturers get some extra margin.

The world has been badly affected by the increase in the carbon emission and with the increase in the emissions, the countries worldwide have started to take steps to decrease the carbon footprint. In a bid to reduce the carbon emission, the Paris Agreement within the United Nations Framework Convention on Climate Change was signed in 2016. The agreement deals with the greenhouse-gas-emissions mitigation, adaptation, and finance. The challenge of reducing global greenhouse gas (GHG) emissions sufficiently to mitigate dangerous impacts of climate change remains daunting. With the power generation through fossil-based power plants occupying a major share in the net carbon emissions, the demand for nuclear power plant is expected to reduce the increase in carbon emission. Though renewables provide a better alternatives to the fossil-based generation, being heavily reliant on the prevailing weather condition makes them less reliable.

The drones have existed for long, but the high cost and the lack of technology have restricted the use of drone in the oil and gas industry. However, with technological advancement, the drones have come a long way and now are more reliable and provide cost-effective solutions to the oil and gas operators, globally. Drone inspection now makes it possible to access areas of oil and gas constructions that otherwise may pose health, safety, and environmental risks in a fast and safe way. Drones have several economic and environmental benefits that have enabled oil and gas companies to improve efficiency, reduce costs, and improve competitiveness. Generally, the drones are used in all phases of oil and gas activities and have the potential to support the extraction, production, and distribution. Drone provides a cost-effective and safe solution in existing and new onshore and offshore sites. In particular, the drones can help oil and gas companies to ease out the aerial, underground, and undersea inspection activities. In addition to providing visual images, they can carry out other functions, such as creating 3D maps of prospective sites and surrounding and water sampling.

原油价格短期不确定性极高，不排除击穿现金成本的可能性。短期油价需求端受全球疫情影响，随着各国管控措施的出台，二季度需求预期进一步恶化。供给端取决于大国博弈的结果。但疫情是核心因素，我们预计疫情见顶，全球疫情管控措施放松后；油价见底。由于短期原油供需主要受地缘政治影响，因此油价波动率将提高。油价长期走势取决于供需基本面，中枢提高是确定性事件。长期供给端边际变化将大于需求端，高成本产能可能会被出清。未来2-3 年内原油价格中枢可能上移，高于布伦特原油2019 年64 美元/桶水平。

2020 年以来黑天鹅事件不断：全球疫情危机的爆发影响终端消费需求，原油暴跌则让企业不得不承受库存贬值之苦，涤纶-织造-纺织服装产业正经受严峻考验。

页岩油产量对于油价暴跌存在一定滞后。页岩油生产商会淘汰整合，而且2020 年来的要比2016 年剧烈得多。远期等到油价回暖，页岩油产量有可能重回增长。

如果复盘本轮油价暴跌，我们可以看出俄罗斯不减产起了决定性作用。但作为经济上高度依赖油价的俄罗斯为何会采取这种看似极不理性的行为呢？就我们分析其根本目的还是希望通过挑起产油国价格战最终倒逼页岩油产能退出，进而改善原油市场供给格局和为长期油价上涨创造条件。

农业农村部：化肥尿素企业复工率达69%，农药企业复工70%。农业农村部种业管理司司长张延秋介绍，我国种子、农药、化肥、农膜等常年供大于求，目前，362 家重点种子企业复工率达92%，化肥尿素企业复工率达69%，1400 多家农药企业已复工70%，特别是急需的春管小麦、油菜用药企业的复工率达到92%。

进入2020 年以来受疫情影响 ，国内汽、柴、航煤需求骤降，国内炼厂普遍承受较大的库存压力，开工率大幅度降低；随着沙特、俄罗斯价格战打响升级，国际油价暴跌进入低价区间，原油价格跌幅大于炼化产品价格跌幅（表1），呈现“低原料成本+高产品价格”局面，炼厂在消化掉高价原油库存后效益有望进入红利期，近期地炼装置开工率显著回升，从2 月中旬最低点37%迅速攀升至54%，逐步恢复至正常运营水平（图1）。

石油市场与国际政治相互影响：能源和国际政治是密不可分的，石油是各国国际政治活动的目标和工具，当代全球石油格局的形成，本身就是商业行为和国际政治糅合的产物。石油美元是美国首个剪全球羊毛的工具，美国超强的军事实力是维护其石油美元地位的最重要原因。石油价格受国际政治的扰动，因此从国际政治视角去理解油价非常重要。