这件事说起来有点意思。前段时间我们看到国际能源市场上出现了一个有趣的现象：俄罗斯在美国制裁压力下频频降 低石油价格，试图吸引更多买家。但是我们的中石油集团在这个时候反而变得很谨慎，对采购计划进行了调整。很多 人不理解，为什么不趁着价格便宜的时候多买点呢？这背后到底是怎样的考量？我们今天就来好好聊聊这事儿。 要说清楚这个问题，得先理解俄罗斯现在的处境。从2025年开始，美国对俄罗斯石油实施了一系列制裁。特别是在1 月10日，美国财政部宣布对俄罗斯两家最大的石油天然气公司以及183艘油轮进行了制裁，这被美国官方称为"迄今为 止针对俄罗斯能源部门最为严厉的措施"。这个制裁政策瞄准的很清楚——切断俄罗斯通过能源出口获取美元收入的通 道。 制裁生效后，俄罗斯的石油出口立刻面临困境。一方面，运输成本大幅增加。美国对油轮的制裁导致了可用于运输俄 罗斯原油的船队严重缩水。根据国际能源网的报道，美国的制裁让俄石油出口的运输成本在短期内飙升了近50%。这 意味着什么呢？就是说，即便俄罗斯降低油价，但由于运输成本剧增，最终到达中国买家手中的成本并不像表面看起 来那么便宜。 受制裁影响，俄罗斯开始大幅降低石油售价，试图用"薄利多销" ...

Group 1 - South Korea has committed to purchasing $100 billion worth of U.S. energy products as part of a trade agreement to mitigate the impact of a 15% tariff imposed by the U.S. on Korean imports [3][4] - The actual implementation of this energy agreement faces significant challenges, as South Korean refiners have already been gradually shifting towards U.S. crude oil sources over the years [4][5] - Data from Kpler indicates that imports of WTI Midland crude oil from the U.S. to South Korea have increased from 283,000 barrels per day in 2020 to 465,000 barrels per day projected for 2025, but total crude oil imports remain stable at 2.8 to 3 million barrels per day [4][5] Group 2 - The South Korean refining system is primarily designed to process heavier crude oils from the Middle East, making a significant shift to U.S. light crude oil challenging without impacting operational efficiency and profitability [5][6] - Major South Korean refineries, such as SK Energy's Ulsan refinery, are blending WTI with heavier crude oils from Iraq, Kuwait, and Saudi Arabia to maintain full production capacity [5][6] - The current strategy for South Korea involves marginally increasing U.S. crude oil imports while maintaining traditional reliance on heavier crude from the Persian Gulf, creating a dilemma between satisfying U.S. demands and preserving the domestic energy system [6][7]