俄原油遭遇“国际冷板凳”！中企紧急停购，陆上输油能否救场？

Core Viewpoint - The recent sanctions imposed by the US and EU on major Russian oil companies have significantly impacted the global oil market, leading to a shift in oil trade dynamics between Russia and China, with a notable reliance on land pipelines for oil supply [1][4]. Group 1: Impact of Sanctions - The US and EU have intensified sanctions against Russia, specifically targeting major oil companies, which has caused a dramatic shift in the global oil market [1]. - The sanctions have led to a halt in oil purchases from Russian maritime channels by several large state-owned enterprises in China, increasing pressure on Russia's oil exports to China [1][4]. - Russian oil companies affected by the sanctions account for nearly half of Russia's total oil exports, limiting their trade activities and impacting the global supply chain [1]. Group 2: Trade Dynamics - Prior to the sanctions, Chinese state-owned enterprises were purchasing over 400,000 barrels of Russian maritime oil daily, representing about 40% of Russia's maritime oil exports to China [1]. - Despite the sanctions, Russia remained China's largest oil supplier in September, providing 8.287 million tons of oil, a month-on-month increase of 4.3%, indicating the resilience of land pipeline trade [1][4]. - The land pipeline has become a crucial element in maintaining oil trade between China and Russia, unaffected by the recent sanctions [1][4]. Group 3: Broader Market Reactions - The sanctions have triggered a chain reaction in the global oil market, with significant price increases observed in Shanghai and New York oil futures, as well as in Middle Eastern and West African oil prices [3]. - Market analysts believe that despite the price increases, the overall global oil market is experiencing an oversupply, which may limit sustained price hikes [3][4]. Group 4: Future Cooperation - China's Ministry of Foreign Affairs has reaffirmed that energy cooperation with Russia is legitimate and opposes unilateral sanctions lacking international legal basis, setting a positive tone for future collaboration [4]. - The changes in oil trade due to sanctions reflect a broader shift in the global energy landscape, with land pipelines and long-term cooperation agreements providing stability for both countries [4][6].