原油日报：印度表示将继续进口俄油，友谊管道输油恢复-20250821

Report Summary 1. Investment Rating - Short - term: Oil prices are expected to trade in a range; Medium - term: Bearish allocation [3] 2. Core View - India will continue to import Russian oil even under the threat of high tariffs as it's difficult to find a complete substitute for Russian oil supply, and the Friendship Pipeline's southern line has resumed oil supply [2] 3. Summary by Related Catalogs Market News and Important Data - Crude Oil Futures Prices: The September - delivery light crude oil futures price on the New York Mercantile Exchange rose 86 cents to $63.21 per barrel, a 1.38% increase; the October - delivery Brent crude oil futures price rose $1.05 to $66.84 per barrel, a 1.60% increase. The SC crude oil main contract closed up 0.95% at 487 yuan per barrel [1] - India's Oil Imports: Russia expects India to continue buying its oil. As of mid - 2025, India imports about 1.7 million barrels of Russian oil per day, accounting for nearly 37% of its overseas purchases. Russian oil has a about 5% price discount, and Indian state - owned refineries have placed orders for Russian oil [1] - US Crude Oil Exports: After a slow summer, US crude oil exports are starting to recover. Exports in August and September are expected to exceed 4 million barrels per day, reaching the highest level since the beginning of the year [1] - UAE Oil Inventory: As of the week ending August 18, the total refined oil inventory at the Port of Fujairah in the UAE was 15.491 million barrels, down 1.936 million barrels from the previous week, the lowest level since November 25, 2024 [1] - South Korea's Petrochemical Industry: South Korean petrochemical companies will agree to cut naphtha cracking capacity by up to 3.7 million tons per year [1]