近年来，国际油价的波动不再是偶然，而是全球政治与经济博弈的直接体现。尤其在俄乌冲突之后，俄罗斯面对西方制裁与市场转变，正经历一场前 所未有的能源价格危机。在这个背景下，印度近期拒绝进口俄罗斯原油，这不仅使得俄罗斯的经济状况更加严峻，还让中国成为了俄罗斯石油出口的 最后希望。 对于中国来说，俄罗斯原油的降价无疑带来了前所未有的"采购良机"。不过，值得注意的是，中国的炼油厂通常不采购质量较低的乌拉尔原油，更多 倾向于高硫含量较低的ESPO混合原油。在此情况下，即便面对诱人的价格，采购还需考虑经济效益与加工成本。如果没有足够的折扣，乌拉尔原油 的吸引力仍然有限。 然而，中国在这场交易中的立场非常强势。俄罗斯对中国的依赖加剧，将使得中方在谈判中拥有更大的话语权。对于中国而言，低价俄油可以作为战 略储备的可选项，而非必需品。这种局面意味着，俄方为了继续保持现金流，可能会被迫进一步降价，从而形成恶性循环。 从长远来看，这场石油价格战并不仅仅是一时的市场波动，更是全球能源格局重构的缩影。随着欧洲与俄罗斯关系的紧张以及印度逐渐采取"拉开距 离"的策略，俄石油在国际市场上的竞争力急剧下降。俄罗斯能源企业为了维持生存，不得不将更 ...

Core Insights - The integration of AI technology into production and daily life is driving significant changes in the power industry, highlighting the increasing importance of electricity supply as a core element supporting this trend [1][2] - The demand for electricity is expected to rise due to AI's high consumption during training and inference processes, with specific examples indicating substantial energy requirements for models like OpenAI's GPT-3XL [1] - Aging infrastructure poses challenges for power grids, particularly in Europe and North America, which may affect the stability and safety of electricity supply [1] Group 1: Opportunities in the Power Industry - The power sector is witnessing three main areas of opportunity: grid-side, user-side, and power-source side [2] - On the grid side, the demand for overseas power equipment is increasing due to factors such as data center integration and aging infrastructure, creating favorable conditions for Chinese companies to expand internationally [2] - The integration of source-grid-load-storage models is expected to enhance energy efficiency and reliability, potentially serving as a green power solution for data centers [2] Group 2: Technological Upgrades and Innovations - The user side is experiencing a trend of technological upgrades, with increasing power density in data center racks, which may lead to a shift towards higher voltage and direct current supply architectures [2] - The adoption of 800V direct current systems and solid-state transformers (SST) is anticipated as potential solutions for powering intelligent computing centers [2] - On the power source side, various energy types such as gas power, nuclear power, solid oxide fuel cells (SOFC), and renewable sources are expected to enhance the power capabilities for data centers [2][3]

海合会国家不是简单的海外市场，而是中国能源企业全球化的战略高地。当中国的产业技术遇上海合会国家的转型决心，当中国的全产 业链优势对接海合会国家的资本优势，这条绿色之路必将越走越宽。中国企业应当切实抓住高层频繁互访的关键时机、抓牢产业转型发 展的时代风口、抓紧当地核心圈层的过硬人脉；在推进与企业相适应的海外布局上舍得付出人力财力资本先谋后动，在政策方面懂得精 准对接有效利用海合会国家转型红利，在风险方面晓得坚持全流程筑牢合法合规经营底线。如此，相信中国企业一定能在这片沙漠绿洲 上扎根生长，为中阿经贸合作注入新的动力，为中阿命运共同体贡献新的力量。 文丨本报记者 王林/整理 12月4日，第八届中国能源产业发展年会分论坛之一——20 25中东能源投资论坛在京成功举办。 前中国驻沙特阿拉伯大使馆商务处馆 员、广东省多语种中华文化译介研究中心研究员、西北大学区域国别学院闫庶峰发表主旨演讲。 以下为发言内容整理 全球能源格局正在重构，催生了两个区域的历史性交汇，一个是中国新能源产业经过十余年发展，拥有新能源全产业链技术、成熟的工 程建设能力和规模化的制造经验，已从增量扩张进入到了存量竞争与技术外溢的新阶段；另一个是海合会 ...

Core Viewpoint - The ongoing drone attacks by Ukraine on Russian energy infrastructure have significantly impacted Russia's refining capacity, leading to a surge in global oil product prices and creating new opportunities for China's oil product exports and sulfur industry [1][4][10]. Group 1: Impact on Russian Refining Capacity - Since November 2025, Ukraine has conducted multiple drone strikes targeting key Russian refineries, including Ryazan, Samara, and Volgograd, resulting in a 6% decrease in overall Russian refining output [1]. - The Ryazan refinery, one of Russia's four major refineries with an annual processing capacity of 13.1 million tons (340,000 barrels per day), suffered damage to its distillation units and fuel storage tanks [1]. - The Volgograd refinery, with an annual capacity of 15.7 million tons, has faced multiple shutdowns due to these attacks, further exacerbating the decline in Russian refining capacity [1]. Group 2: Global Oil Product Price Surge - The reduction in Russian refining capacity has led to a significant increase in overseas oil product crack spreads, with the 3-2-1 crack spread reaching $32.13 per barrel, the highest level since March 2024, reflecting a more than 30% increase from October's average [2]. - Diesel prices have seen the most substantial rise among oil products, indicating a high-profit cycle for the refining industry [2]. Group 3: Sulfur Market Dynamics - The attacks have also disrupted sulfur production, as Russia is the second-largest sulfur producer globally, accounting for 15%-20% of the world's supply [4]. - Domestic sulfur prices have surged, with the port spot index reaching 3,990 yuan per ton in late November, marking an increase of over 1,000 yuan per ton in just over a month and a rise of approximately 2,500 yuan per ton since the beginning of the year [4]. - Forecasts suggest that sulfur prices may exceed 5,000 yuan per ton in 2026 due to a tight supply-demand balance [4]. Group 4: Opportunities for Chinese Companies - The international supply gap has created a favorable window for China's oil product exports, with a total export quota of 40.195 million tons for 2025 [7]. - Major state-owned enterprises dominate China's oil product export market, with Sinopec and PetroChina holding significant shares [7]. - The sulfur industry in China is experiencing a dual benefit of rising prices and increasing demand, particularly due to the growth in the new energy sector and solid-state battery technology [7][8]. Group 5: Market Position of Leading Companies - China's total sulfur production capacity is approximately 16.8 million tons per year, with Sinopec, PetroChina, and Rongsheng Petrochemical being the top three producers, collectively holding over 70% of the market share [8][10]. - A price increase of 100 yuan in sulfur can lead to significant profit gains for leading companies, indicating a positive outlook for profitability in the current high-demand environment [8].

Group 1 - The core point of the article highlights the dramatic decline in China's oil imports from the U.S., dropping from 29 million barrels to 3 million barrels, marking a 90% decrease, which is the largest drop in history for a single commodity in U.S.-China trade [1][3][5] - The U.S. shale oil industry is facing significant challenges due to this decline, with a surplus of 120 million barrels of crude oil and storage facilities operating at over 90% capacity [16][18] - Trump's contradictory statements regarding oil purchases from Iran and the U.S. have created confusion in the market, reflecting the U.S.'s passive position in the energy game [5][20][37] Group 2 - China's response to the situation emphasizes its independent energy security strategy, stating it will take reasonable measures based on national interests [7][10] - The article discusses China's strategic shift towards diversifying its oil supply sources, with imports from Canada reaching 7.3 million barrels per month, which is 2.5 times the peak U.S. export volume [24][25] - The cost disadvantage for U.S. oil, exacerbated by tariffs, has made it less competitive compared to alternatives from Russia and the Middle East, leading to a significant shift in China's sourcing strategy [11][13][14] Group 3 - The article outlines China's multi-faceted strategic responses, including the rise of the renminbi oil futures market, which has gained a 10% share globally, indicating a shift away from the dollar-dominated oil trade [27][39] - Technological advancements in renewable energy and electric vehicles position China favorably in the ongoing energy transition, reducing its reliance on imported crude oil [32][41] - The overall trend indicates a structural shift in global energy governance towards a multi-polar system, diminishing the U.S.'s previous dominance in energy diplomacy [34][43][45]