市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 本文源自：市场资讯 作者：观察君 布伦特原油站上69美元/桶，日内涨2.16%；WTI原油日内涨幅扩大至2.00%，现报64.81美元/桶。 近期全球原油供应端出现多重动态。印度国有炼油企业印度石油公司与印度斯坦石油公司联合从托克集 团采购200万桶委内瑞拉Merey原油，预计于2026年第二季度后半期交付印度东海岸。此次采购是印度 炼油企业推进进口多元化的举措，此前印度总理莫迪已同意停止购买俄罗斯石油，美国同步下调印度输 美商品关税税率。 委内瑞拉原油产量近期出现回升。委内瑞拉主要产油区奥里诺科带的原油产量已增加逾10万桶/日，达 到约50万桶/日，其整体原油产量在恢复至减产前水平后已接近100万桶/日。本次印度采购的Merey原油 定价参照迪拜指数，定价折扣水平与Reliance Industries此前向Vitol采购的折扣相近。 ...

HPCL曾于1月表示，拟将委内瑞拉重油用于其安得拉邦Visakhapatnam（日产能30万桶、已完成重油改 造）炼厂；IOC此前在奥里萨邦Paradip炼厂处理Merey原油。该原油定价参照迪拜指数，价格水平与 Reliance Industries此前向Vitol采购的折扣（较ICE Brent低6.50–7美元/桶）相近。 据路透社消息，印度国有炼油企业印度石油公司（Indian Oil Corp, IOC.NS）与印度斯坦石油公司 （Hindustan Petroleum Corp, HPCL.NS）已联合从托克集团（Trafigura）采购200万桶委内瑞拉Merey原 油，预计于今年第二季度后半旬交付印度东海岸。 根据两名商业消息人士透露，IOC将采购约150万桶，HPCL采购50万桶，将由一艘大型油轮统一运输。 此为HPCL首次采购委内瑞拉原油，而IOC已于2024年有过类似采购。 此次采购反映印度炼油企业正推进进口多元化，以部分替代俄罗斯原油，助力新德里推进与华盛顿的贸 易协议。尽管美方已因印度"承诺停止直接或间接进口俄油"而取消对印25%关税，但印度尚未正式宣布 停购俄油计划。 两家公司因保 ...

Core Viewpoint - China's shift from Venezuelan crude oil to Canadian heavy oil is a strategic response to the disappearance of Venezuelan Merey crude from the Chinese market, leading to a significant increase in imports from Canada [1] Group 1: China's Oil Import Dynamics - Chinese imports of Venezuelan crude oil have nearly dropped to zero for three consecutive months as of January 2026 due to geopolitical tensions and U.S. military actions [1] - In response to the raw material shortage, Chinese refineries have quickly turned to alternative sources, with Canadian oil sands heavy crude becoming the preferred choice due to its similar properties and stable supply [1] Group 2: Canadian Oil Market Implications - The completion of the pipeline expansion allows Alberta's crude to be shipped directly to China via the Vancouver port, resulting in a year-on-year surge in imports from Canada between December 2025 and January 2026 [1] - Canada is accelerating its efforts to reduce dependence on U.S. exports, which previously accounted for over 90% of its crude oil sales, and is now planning new export terminals on the West Coast to cater to the Chinese market [1] Group 3: U.S. Market Response - The share of U.S. shale oil in the Chinese market is declining due to mismatches with local refining capabilities and rising geopolitical risks, leading to decreased interest from Chinese buyers [1] - In a surprising turn, former President Trump suggested that China could purchase oil from the U.S., implying that Chinese refineries could still buy Venezuelan oil while the U.S. takes a cut, highlighting the complexities of the global oil market [1] Group 4: Venezuelan Oil Market Challenges - If Venezuela loses the Chinese market entirely, it will struggle to find sufficient buyers, as the global capacity to process high-sulfur heavy oil is limited, with few alternatives available outside of China [1] - Other potential markets, such as India and Europe, face challenges in processing heavy oil due to technological limitations and environmental regulations, further complicating Venezuela's export options [1]