印度考虑增加原油库存以加强能源安全

随着中东地缘政治紧张局势升级，印度正在考虑进行重大战略转型，以保护其能源利益。政策制定者正在探索一项新指令，要求国内炼油商维持规模显著更大的原油储备，这直接借鉴了中国庞大的储备规模。

借鉴中国模式

多年来，印度政策制定者一直认为，印度毗邻波斯湾，这为应对供应中断提供了天然缓冲。然而，近期由美伊冲突引发的波动以及对霍尔木兹海峡航线的潜在威胁，挑战了这一观点。

拟议中的转型规模可以通过储备能力的鲜明对比得以体现。根据美国能源信息署（EIA）的数据，截至2025年底，印度的战略原油储备约为2100万桶。相比之下，中国维持着高达13.97亿桶的庞大储备，而美国和日本的储备量分别为4.13亿桶和2.63亿桶。为了缩小这一差距，印度可能会超越目前行业约维持15天运营库存的标准。

财务与基础设施挑战

向更强大的储备系统转型为印度炼油行业带来了巨大的财务障碍。如果政府强制要求炼油商持有足以覆盖30天全国消耗量的库存，基于印度每日500万桶的需求量，总需求量将跃升至约1.5亿桶。

经济影响主要体现在两个方面：

Seeking Flexibility and Strategic Storage

Industry participants have expressed concerns regarding the implementation of such a policy. To mitigate the impact on refiners, experts suggest that any new mandate must allow for flexibility in where storage is located and how that oil is commercially utilized.

There is a growing call for policymakers to incentivize the development of storage facilities near major ports. By mirroring Singapore’s successful model—which utilizes an extensive storage network to become Asia’s premier oil-trading hub—India could transform its strategic reserves into a commercial asset. This would allow inventories to be easily traded in global markets, balancing national security with economic efficiency.

Key Takeaways