原油日报：土耳其计划削减俄油进口-20251104

Report Summary Investment Rating - No specific investment rating for the industry is provided in the report Core Viewpoints - As the effective date of Russian oil sanctions approaches (November 21), buyers are cutting Russian oil purchases, with India and Turkey recently stating they will reduce imports. The physical market is generally loose except for a local tightness in the Middle East, and the sanctions will increase the divergence between sour and sweet oil and between the East and West markets [2] - Oil prices will fluctuate in the short - term and a short - position allocation is recommended for the medium - term [3] Summary by Directory Market News and Key Data - The price of light crude oil futures for December delivery on the New York Mercantile Exchange rose 7 cents to $61.05 per barrel, a 0.11% increase; the price of Brent crude oil futures for January delivery rose 12 cents to $64.89 per barrel, a 0.19% increase. The SC crude oil main contract closed up 0.41% at 467 yuan per barrel [1] - After the US imposed sanctions on two major Russian oil producers, Turkish refiners started to cut Russian crude purchases and seek additional oil sources from countries like Iraq, Libya, Saudi Arabia, and Kazakhstan. Turkey, the third - largest buyer of Russian oil, was pressured by the Trump administration before September and now decides to join Western allies to pressure Russia to end the Ukraine conflict, but won't fully stop importing Russian oil [1] - US EIA data showed that US crude oil production increased by 86,000 barrels per day in August, reaching a record high of 13.8 million barrels per day, and the total natural gas production in the 48 contiguous states also climbed to a record 122.8 billion cubic feet per day in August [1] Investment Logic - As the Russian oil sanctions approach, buyers are reducing purchases. The physical market is loose except in the Middle East, and the sanctions will widen the gap between different types of oil and different regional markets [2] Strategy - Oil prices will have short - term range - bound fluctuations, and a medium - term short - position allocation is recommended [3] Other Statements - ExxonMobil CEO said the demand outlook for oil, gas, and chemicals is good; Abu Dhabi National Oil CEO said oil demand will remain above 100 million barrels per day after 2040 [3]