面对原料缺口，中国炼厂也没有坐等，而是迅速转向替代来源。加拿大油砂重油因其物性接近、供应稳定，成为首选。跨山输油管道扩建完成后，阿尔伯塔 省的原油得以通过温哥华港直接装船运往中国。2025年12月至2026年1月，中国从加拿大进口的原油量同比激增。 加拿大借此加速摆脱对美单一出口依赖。过去其90%以上的原油销往美国，议价权长期受制于人。如今，中国市场为其提供了战略缓冲，渥太华甚至开始规 划新的西海岸出口终端。其次，美国页岩油在中国市场的份额进一步萎缩——由于轻质油与地炼装置不匹配，加上地缘风险上升，中国买家对其兴趣大减。 中方炼厂转向加拿大原油后，特朗普这下有点慌了改口称，可以从美国这里买委内瑞拉石油！ 美军绑架马杜罗后，原本占进口相当比例的委内瑞拉Merey原油几乎从中国重质原油市场消失。据海关和航运数据显示，2026年1月，中国自委内瑞拉进口 原油量已连续三个月接近零。 委内瑞拉石油若完全失去中国市场，将难以找到足够买家——全球能处理高硫重油的炼厂本就有限，除中国外，印度重油冶炼技术不过关，欧洲炼厂又因环 保政策逐步退出重油加工。这个市场的客户本来就不多，美国自己也消化不了这么多，更何况雪佛龙等还在犹豫观 ...

【文/观察者网 王一】美国将委内瑞拉石油"吃抹干净"后，有分析解读称，美方此举是冲着中国来的。 不过，美国彭博社1月8日注意到，中国炼油企业已开始调整布局，将目光转向了加拿大。 作为全球最大的石油进口国，中国70%的石油消费需求依赖进口。此前委内瑞拉80%的石油产量，都被 以极低的价格出口至中国。 外界舆论普遍认为，美国对委军事干预、图谋其石油资源，意在"削弱中国"。美国广播公司（ABC）6 日援引消息报道称，特朗普政府已要求委内瑞拉减少与中国、俄罗斯、伊朗和古巴的联系，明确委方必 须在石油生产领域与美国建立独家合作关系，且在重油销售业务中优先选择美国。 从地下开采出来的未加工的石油称为原油，需要经过炼化才能成为汽油等可供使用的燃料和其他产品。 原油又根据密度等不同，分为轻质原油与重质原油。委内瑞拉原油属于"高黏度、高含硫"的高酸重油， 与加拿大重油在性质上相近，这类原油在炼制过程中可产出沥青等产品，极具价值。 加拿大是世界第四大石油生产国，但其主要产油省份阿尔伯塔省地处内陆，通往港口的通道有限。2024 年5月，加拿大跨山输油管道（TMX）扩建工程完工，开始将阿尔伯塔省的石油输送至不列颠哥伦比亚 省太平洋沿 ...

Company Summary - Zhongyuan Shipping (01138) saw a stock price increase of over 4%, reaching HKD 9.7 with a trading volume of HKD 89.67 million [1] - The company completed a private placement of A-shares on October 15, raising approximately CNY 8 billion (net CNY 7.98 billion) by issuing 694,444,444 shares at CNY 11.52 per share [1] - The issuance involved seven investors, including the controlling shareholder, China Ocean Shipping Group, which subscribed for 347,222,222 shares (50% of the total) with an 18-month lock-up period [1] - The raised funds will be used to construct six VLCCs, two LNG carriers, and three Aframax crude oil tankers, aimed at optimizing fleet structure and enhancing clean energy initiatives [1] Industry Summary - The oil market is experiencing a boost as OPEC+ has accelerated production since April, with a potential increase of 2.2 million barrels per day in September, which may lead to a decline in oil prices and stimulate demand for oil transportation [2] - The recent imposition of port service fees on Chinese shipping companies by the U.S. has prompted China to retaliate with a "special port fee" on U.S. vessels, highlighting the strategic value of Chinese shipping companies like Zhongyuan Shipping in the international shipping competition [2] - This context is expected to provide a solid foundation for the stable growth of the company's performance in the oil transportation market [2]

Core Viewpoint - The company has signed a series of contracts with the Iraqi government and various national oil companies to invest in upstream oil and gas projects in Iraq, focusing on the extraction and sale of Basra crude oil [1] Group 1: Project Details - The project involves the extraction of different grades of Basra crude oil, including light, medium, and heavy varieties, in compliance with local regulations [1] - The company has appointed GRL as the exclusive seller of all Basra crude oil extracted from the project until the contract's termination [1] Group 2: Strategic Advantages - The collaboration with GRL, a specialized oil trading company with experienced executives from leading international oil firms, aims to enhance the company's focus on upstream development and production operations [1] - This partnership is expected to mitigate price volatility and payment collection risks, while effectively managing buyer credit risks through a joint venture with a professional trading company [1]

Core Viewpoint - The company has signed a series of contracts with the Iraqi government and various national oil companies to invest in upstream oil and gas blocks and supporting infrastructure projects in Iraq, focusing on the extraction and sale of Basra crude oil [1] Group 1: Project Details - The project involves the extraction of different grades of Basra crude oil, including light, medium, and heavy varieties, in accordance with local regulations [1] - The company has appointed GRL as the exclusive seller of all Basra crude oil extracted from the project, ensuring timely sales and optimized pricing [1] Group 2: Strategic Benefits - This partnership allows the company to concentrate on upstream development, reducing risks associated with price fluctuations and payment timelines [1] - GRL, with its experienced management team from leading international oil companies, provides extensive marketing channels and risk control capabilities, enhancing the management of buyer credit risk [1]

Report Overview - The report is an early morning report on crude oil and refined oil, dated July 29, 2025, prepared by the energy and chemical team of the research center [2] Report Industry Investment Rating - Not provided Core Viewpoints - This week, crude oil prices fluctuated. The monthly spreads of the three major crude oil markets declined, and the absolute prices dropped on Friday. The market is mainly focused on the progress of trade negotiations between the US and other countries. Fundamentally, global oil inventories decreased slightly, with US EIA commercial inventories and ARA and Singapore diesel inventories declining, while US and domestic diesel inventories increased. Refining margins globally declined slightly but remained high year-on-year. Domestic refinery operations were volatile, with Shandong refineries increasing production. Recently, refinery inventories of gasoline and diesel increased significantly, and refinery margins weakened. Although factors such as the peak demand season for crude oil, high diesel profits, and the US plan to impose secondary sanctions on Russia support the near - term supply and demand of crude oil, the peak - season factors have been largely realized, and the monthly spreads have started to decline. In the medium term, the absolute prices face downward pressure due to OPEC's accelerated production increase and the impact of US tariff policies on the global economy [7] Summary by Section 1. Price Data - From July 22 to July 28, 2025, WTI increased by $1.55 to $66.71, BRENT increased by $1.60 to $70.04, and DUBAI increased by $0.23 to $70.59. Other related products also showed various price changes, such as SC decreasing by 7.00 to 505.90, and Japanese naphtha - BRT decreasing by 13.76 [3] 2. Daily News - Trump warned Iran not to restart nuclear facilities, threatening new strikes if they do. Iran denies seeking nuclear weapons and will not abandon uranium - enrichment activities [3] - OPEC+ is considering another production increase and urging members to comply with quotas. Some countries are instructed to make additional cuts. They will hold a meeting on August 3 to discuss September's production levels, with a planned increase of 548,000 barrels per day [3] - India's crude oil imports in June dropped 4.7% month - on - month to 20.32 million tons, the lowest since February. Refinery throughput also decreased 4.2% month - on - month. The decline may be due to the monsoon season, and the trend may continue in July, but year - on - year imports are expected to rise [4] 3. Regional Fundamentals - In the week ending July 18, US crude oil exports increased by 337,000 barrels per day to 3.855 million barrels per day, domestic production decreased by 102,000 barrels to 13.273 million barrels per day, commercial crude inventories (excluding strategic reserves) decreased by 3.169 million barrels to 419 million barrels (a 0.75% decline), and the strategic petroleum reserve decreased by 200,000 barrels to 402.5 million barrels (a 0.05% decline) [5] - This week, the operating rate of major refineries in China decreased by 0.26%, while that of Shandong local refineries increased by 1.17%. China's refinery output showed a decline in gasoline and an increase in diesel, with inventory changes of an increase in gasoline and a decrease in diesel. Both major refineries and local refineries saw a decline in comprehensive profits [6] 4. Weekly Viewpoints - The market is focused on US trade negotiations. Global oil inventories are slightly decreasing, and refining margins are high year - on - year. Domestic refinery operations are volatile, and refinery margins are weakening. The near - term supply and demand of crude oil are supported by peak - season factors, but these factors are largely realized, and the monthly spreads are declining. The absolute prices face downward pressure in the medium term [7]