原油日报：友谊管道南线输油中断，欧盟未能通过最新对俄制裁-20260225

Report Industry Investment Rating - Short - term: Suggest to wait and see; Medium - term: Short - side allocation [3] Core View - The Russia - Ukraine negotiation has not made significant progress, and Ukraine has resumed attacks on Russian energy infrastructure. The suspension of the southern line of the Friendship Pipeline due to drone attacks has interrupted oil imports from Russia in Hungary and Slovakia, but the impact on the market is limited as the pipeline's daily transportation volume is only 20 - 30 barrels, and the two countries can use the Italian Adriatic Pipeline as an alternative at a higher cost. Hungary voted against the 20th round of EU sanctions on Russia due to the pipeline interruption. However, Russia's oil export revenue still faces great pressure due to reduced purchases from India [2] Market News and Important Data - On February 24, the price of light crude oil futures for April delivery on the New York Mercantile Exchange fell 68 cents to $65.63 per barrel, a decrease of 1.03%; the price of Brent crude oil futures for April delivery fell 72 cents to $70.77 per barrel, a decrease of 1.01%. The main contract of SC crude oil closed down 0.90% at 486 yuan per barrel [1] - On February 24, the UK Foreign Office imposed sanctions on 175 entities in the "2Rivers" network on the fourth anniversary of the Russia - Ukraine conflict. The sanctions also targeted Russia's state - owned oil pipeline operator Transneft, which is responsible for over 80% of Russia's oil exports. The "2Rivers" network, associated with Azerbaijani traders, continued to transport hundreds of millions of barrels of Russian crude oil under international sanctions [1] - On February 24, EU foreign ministers failed to reach an agreement on the 20th round of sanctions against Russia on February 23. Hungary's Foreign Minister said Hungary would not support the sanctions as long as Ukraine continued to stop supplying Russian oil to Hungary [1] Investment Logic - The suspension of the southern line of the Friendship Pipeline has interrupted oil imports from Russia in Hungary and Slovakia, but the impact on the market is small. Hungary voted against the 20th round of EU sanctions on Russia due to the pipeline interruption. Russia's oil export revenue still faces great pressure due to reduced purchases from India [2] Strategy - Short - term: Due to large fluctuations in oil prices caused by geopolitical events, it is recommended to wait and see; Medium - term: Short - side allocation [3]