In 2025, Crude Oil Product supply is expected to continue to grow driven by non-OPEC+, and whether OPEC+ abandons production cuts to support prices will be crucial. Besides India, there are currently no growth highlights on the demand side. Therefore, it is expected that the price center of Crude Oil Products will shift downward, and low inventories provide some resistance to price declines, making the downward path of oil prices expected to be bumpy. Additionally, during the Trump 2.0 era, there is significant uncertainty in the sequence of policy implementation and geopolitical factors, which need to be further monitored.