尽管受到美国压力，印度仍继续购买俄罗斯石油。俄新社11月14日报道称，几个月来，美国政府一直要 求新德里停止购买俄罗斯石油，甚至对印度进口商品加征高额关税。美国总统特朗普还曾表示，在美国 的压力下，印度炼油厂"基本停止"从俄罗斯购买石油。然而，实际情况并非如此。 此外，彭博社看到的招标文件显示，印度石油公司为明年初采购的原油包括俄罗斯的ESPO混合原油和 索科尔原油。该公司在维持对远东俄罗斯混合原油常规采购的同时，也欢迎来自西非、美国等地区的低 硫原油报价。 知情人士告诉路透社，印度国有炼油商——印度石油公司已支付了五批将于12月交付的俄罗斯石油货 款。这些石油均来自未受制裁实体。知情人士称，印度石油公司以接近迪拜报价的价格采购了约350万 桶俄罗斯ESPO原油，将于12月在印度东部港口交货。 责任编辑：于彤彤 文件显示，这批原油需在1月下旬至2月初期间运抵印度港口。印度石油公司在采购招标中特别明确，卖 方须确保货品并非来自受美国、英国、欧盟、联合国或印度制裁的生产商或终端码头。印度石油公司首 席财务官阿努杰·贾恩表示，该公司无意放弃与莫斯科的合作，"只要交易符合制裁规定，该公司将继续 购买俄罗斯石油"。 ...

Core Viewpoint - Despite pressure from the United States, India continues to purchase Russian oil, indicating a strong commitment to its energy needs and strategic partnerships [1][2]. Group 1: Oil Purchases - Indian Oil Corporation has made payments for five batches of Russian oil scheduled for delivery in December, totaling approximately 3.5 million barrels of Russian ESPO crude [1]. - The procurement process includes a requirement that the oil must not come from entities sanctioned by the US, UK, EU, UN, or India [2]. Group 2: Strategic Positioning - The CFO of Indian Oil Corporation stated that the company has no intention of abandoning cooperation with Moscow, as long as transactions comply with sanction regulations [2]. - Indian Oil Corporation is maintaining regular procurement of Far East Russian crude while also considering low-sulfur crude offers from West Africa and the US [1].

印度能源战略的软实力考量。一是规则重构能力。印度通过多元化供应源降低风险，2024年俄罗斯石油占其进口总量的34%，同时积极发展可再生能源，非 化石燃料发电装机占比已超50%。印度石油公司在采购招标中特别明确，卖方须确保货品并非来自受制裁的生产商或终端码头，展现了规则层面的精准把 控。二是战略自主性。印度建立了三级能源安全架构：与美国、澳大利亚的长期LNG协议（基础层），利用俄油折扣建立应急储备（战略层），以及投资 500亿美元发展氢能经济（未来层）。印度石油公司首席财务官明确表示："只要交易符合制裁规定，该公司将继续购买俄罗斯石油"。四是经济理性驱动。 俄罗斯ESPO原油以接近迪拜报价的价格提供，每桶高达5美元的折扣，为印度节省数十亿美元成本。印度炼油商从中东和美国采购原油的同时，仍维持对远 东俄罗斯混合原油的常规采购，体现了成本最优化的商业逻辑。 美国施压手段的软实力局限性。一是硬性施压的边际效应。美国对印度进口商品加征25%惩罚性关税，甚至威胁加征至100%~500%。特朗普政府批准潜在 买家与卢克石油公司就收购其海外资产展开谈判，但要求资产与卢克石油彻底脱钩。二是规则协调的失败。美国财政部发言人表示： ...

此外，彭博社看到的招标文件显示，印度石油公司为明年初采购的原油包括俄罗斯的ESPO混合原油和 索科尔原油。该公司在维持对远东俄罗斯混合原油常规采购的同时，也欢迎来自西非、美国等地区的低 硫原油报价。 尽管受到美国压力，印度仍继续购买俄罗斯石油。俄新社14日报道称，几个月来，美国政府一直要求新 德里停止购买俄罗斯石油，甚至对印度进口商品加征高额关税。美国总统特朗普还曾表示，在美国的压 力下，印度炼油厂"基本停止"从俄罗斯购买石油。然而，实际情况并非如此。 知情人士告诉路透社，印度国有炼油商——印度石油公司已支付了五批将于12月交付的俄罗斯石油货 款。这些石油均来自未受制裁实体。知情人士称，印度石油公司以接近迪拜报价的价格采购了约350万 桶俄罗斯ESPO原油，将于12月在印度东部港口交货。 环球时报特约记者 辛斌 文件显示，这批原油需在1月下旬至2月初期间运抵印度港口。印度石油公司在采购招标中特别明确，卖 方须确保货品并非来自受美国、英国、欧盟、联合国或印度制裁的生产商或终端码头。印度石油公司首 席财务官阿努杰·贾恩表示，该公司无意放弃与莫斯科的合作，"只要交易符合制裁规定，该公司将继续 购买俄罗斯石油"。 ...

Report Information - Report Type: Crude Oil Daily Report [1] - Date: November 13, 2025 [2] Investment Rating - Not provided Core View - The supply and demand situation has not changed significantly. OPEC+ has decided to temporarily halt production increases in Q1 2026, which is marginally positive for the supply side. However, the inventory build - up rate in Q1 2026 may reach 3 million barrels per day, and the current policy alone is difficult to reverse the oversupply. Mid - term oil prices still face continuous oversupply pressure, and short - selling is recommended in operations [7]. Summary by Section 1. Market Review and Operation Suggestions - **Market Review**: WTI crude oil opened at $59.94, closed at $60.99, with a high of $61.18, a low of $59.59, a daily increase of 1.60%, and a trading volume of 16.75 million lots. Brent crude oil opened at $63.94, closed at $65.09, with a high of $65.31, a low of $63.60, a daily increase of 1.61%, and a trading volume of 30.98 million lots. SC crude oil opened at 470.8 yuan/barrel, closed at 462.2 yuan/barrel, with a high of 470.4 yuan/barrel, a low of 461.7 yuan/barrel, a daily increase of 1.52%, and a trading volume of 7.78 million lots. India has started tendering for crude oil purchases in early 2026, retaining Russian oil but requiring that the producers and terminals of the goods are not under sanctions. Lukoil's overseas assets are continuously affected by US sanctions, and the West Qurna - 2 oil field project has suffered force majeure and may withdraw from operation later [6]. - **Operation Suggestion**: Due to the continuous oversupply pressure on mid - term oil prices, short - selling is considered [7]. 2. Industry News - Indian Oil Corporation's tenders for early 2026 include Russian ESPO Blend and Sokol crude oil, and it also welcomes quotes for low - sulfur crude from regions such as West Africa and the US. - Despite new sanctions, Russia's oil exports in November have remained stable. - Commerzbank expects Brent crude to trade at $60 per barrel and WTI at $57 per barrel in 2026. - The IEA believes that under the current policy scenario, oil demand will not peak before 2050 [8]. 3. Data Overview - Multiple data charts are presented, including global high - frequency crude oil inventory, EIA crude oil inventory, US crude oil production growth rate, Dtd Brent price, WTI spot price, Oman spot price, US gasoline consumption, and US diesel consumption. Data sources include Bloomberg, EIA, Wind, and the Research and Development Department of CCBI Futures [9][11][12]