Social responsibility report

Fifth Artisan Character Commendation Conference
Make the development plan of craftsmen, so that more employees can become craftsmen from workers on the company's platform; To implement the craftsman character incentive; To restore the system of craftsman tourism and vacation;

On 29th May 2023 ,Chairman and General manager of WEIMA Ma Baozhong received CEO
of FPS and the General manager,accompanied them to visit the production site and test
Well etc., and discussed and exchanged in the VIP room.

Shandong Weima Pumps Manufacturing Co., LTD. has applied for and established many patents around the oil and gas lifting technology, especially the technology related to oil well pump products. Now it has 67 effective patented technologies, including 6 invention patents and 61 utility models, all of which are independent intellectual property rights of the company, and all of them have realized the transformation and industrialization of achievements. It has successively undertaken more than 30 national, provincial and municipal scientific research projects; 5 technologies have reached the international advanced level, and 15 technologies have reached the domestic leading level; it has won various awards such as the Golden Bridge Award in China's science and technology market, and the Shandong Provincial Equipment Manufacturing Technology Innovation Award. More than 20 items; more than 20 enterprise standards have been formulated successively.

Bloomberg: Middle Eastern oil producers are raising the export prices for their lower-grade crudes.
The phasing out of Urals crude in Europe has led to higher premiums for similar crude grades.
Some relief for European refiners came from the U.S., whose oil exports to Europe were set to reach a record in March at around 2 million barrels daily.

With a third of the year gone, it looks like U.S. oil production is on track to set a new annual production record in 2023.
The previous record was set in 2019 at 12.3 million barrels per day, with the EIA's current estimate for this year at 12.4 million barrels per day.
While U.S. production is currently on track to set a new record, it is far from a certainty given the current oil market.

Private investment is growing in Mexico's oil and gas sector, despite nationalisation policies.
Recent developments demonstrated potential for Mexico's oil and gas industry, including new refinery projects, increasing condensate production, and offshore oil discoveries.
Pemex's plans to boost offshore oil production, coupled with Eni's optimistic outlook on the region, indicate a positive future for Mexico's energy industry.

Russia's crude oil sales to China surged to its historic high in March.
Chinese refiners purchased discounted ESPO and Urals crudes from Russia.
Saudi Arabia still trails Russia in crude oil supply to China despite a 30% increase in March compared to the previous year.

Canadian oil industry's new hope is the Trans Mountain conduit which is set to begin operating next year.
The pipeline expansion will help Canada increase its pipeline capacity, overcome constraints and open new markets in Asia, improving price for crude.
The pipeline will transport around two times as much oil as previously, with capacity at 890,000 bpd, and it is expected to reinvigorate the industry and boost oil prospects.

Standard Chartered: a large oil surplus started building in late 2022 and spilled over into the first quarter of the current year.
U.S. gasoline inventories are hovering near an eight-year low in March.
The demand element of the data has also become stronger, with the four-week average of the demand bull-bear sub-index turning positive.

Oil prices ticked up today, after the U.S. Energy Information Administration reported a crude oil inventory draw of 7.5 million barrels for the week to March 21.

The total number of total active drilling rigs in the United States rose by 4 this week, according to new data from Baker Hughes published on Friday.