{"id":668239,"date":"2026-10-09T18:19:07","date_gmt":"2026-10-10T01:19:07","guid":{"rendered":"https:\/\/nai500.com\/?p=668239"},"modified":"2026-10-09T18:19:07","modified_gmt":"2026-10-10T01:19:07","slug":"%e8%b7%b3%e5%87%ba-opec-%e4%ba%a7%e9%87%8f%e5%8d%9a%e5%bc%88%ef%bc%9a%e8%bf%99%e5%8f%aa%e5%8a%a0%e6%8b%bf%e5%a4%a7%e8%83%bd%e6%ba%90%e8%82%a1%e4%b8%8d%e9%9d%a0%e6%b2%b9%e4%bb%b7%e4%b8%8a%e6%b6%a8","status":"publish","type":"post","link":"https:\/\/nai500.com\/zh-hans\/blog\/2026\/10\/%e8%b7%b3%e5%87%ba-opec-%e4%ba%a7%e9%87%8f%e5%8d%9a%e5%bc%88%ef%bc%9a%e8%bf%99%e5%8f%aa%e5%8a%a0%e6%8b%bf%e5%a4%a7%e8%83%bd%e6%ba%90%e8%82%a1%e4%b8%8d%e9%9d%a0%e6%b2%b9%e4%bb%b7%e4%b8%8a%e6%b6%a8\/","title":{"rendered":"\u8df3\u51fa OPEC+ \u4ea7\u91cf\u535a\u5f08\uff1a\u8fd9\u53ea\u52a0\u62ff\u5927\u80fd\u6e90\u80a1\u4e0d\u9760\u6cb9\u4ef7\u4e0a\u6da8\u8d5a\u94b1"},"content":{"rendered":"

OPEC+ \u8ba1\u5212\u751f\u4ea7\u591a\u5c11\u6876\u539f\u6cb9\uff0c\u53ef\u4ee5\u8ba9\u5e02\u573a\u4e89\u8bba\u4e00\u4e0a\u5348\u3002\u4f46\u4e00\u5bb6\u7ba1\u9053\u516c\u53f8\u7684\u5173\u5207\u70b9\u7565\u6709\u4e0d\u540c\uff1a\u7a76\u7adf\u8c01\u771f\u6b63\u9700\u8981\u628a\u8d27\u7269\u8fd0\u51fa\u53bb\uff1f\u4ea7\u91cf\u76ee\u6807\u5e76\u4e0d\u4f1a\u81ea\u52a8\u8f6c\u5316\u4e3a\u5b9e\u7269\u6876\u6570 \u2014\u2014 \u6cb9\u4e95\u9700\u8981\u8fd0\u8f6c\uff0c\u5ba2\u6237\u9700\u8981\u91c7\u8d2d\uff0c\u4ea7\u54c1\u4ecd\u9700\u8fd0\u8f93\u3001\u52a0\u5de5\u4e0e\u50a8\u5b58\u3002\u8fd9\u6784\u6210\u4e86\u4e00\u79cd\u4e0d\u5fc5\u628a\u5168\u90e8\u8d4c\u6ce8\u62bc\u5728\u660e\u65e5\u6cb9\u4ef7\u4e0a\u7684\u80fd\u6e90\u6295\u8d44\u65b9\u5f0f\u3002<\/p>\n

\u751f\u4ea7\u5546\u901a\u5e38\u9760\u5927\u5b97\u5546\u54c1\u4ef7\u683c\u8d5a\u94b1\uff0c\u800c\u4e2d\u6e38\u4f01\u4e1a\u5219\u9760\u8fd0\u8f93\u3001\u52a0\u5de5\u6216\u50a8\u5b58\u8fd9\u4e9b\u5927\u5b97\u5546\u54c1\u6536\u53d6\u8d39\u7528\u3002\u90e8\u5206\u5ba2\u6237\u4ee5\u957f\u671f\u5408\u7ea6\u9884\u7559\u4ea7\u80fd\uff0c\u5373\u4fbf\u80fd\u6e90\u4ef7\u683c\u5267\u70c8\u6ce2\u52a8\uff0c\u4e5f\u80fd\u63d0\u4f9b\u66f4\u53ef\u9884\u6d4b\u7684\u73b0\u91d1\u6d41\u3002\u4e0d\u8fc7\uff0c\u201c\u53ef\u9884\u6d4b” \u5e76\u4e0d\u7b49\u4e8e “\u6709\u4fdd\u8bc1”\u2014\u2014 \u5408\u7ea6\u4f1a\u5230\u671f\uff0c\u5ba2\u6237\u53ef\u80fd\u9677\u5165\u7ecf\u8425\u56f0\u5883\uff0c\u90e8\u5206\u6536\u5165\u4ecd\u5bf9\u8fd0\u91cf\u654f\u611f\u3002<\/p>\n

\u5bf9 Pembina Pipeline\uff08TSX:PPL\uff09<\/a>\u800c\u8a00\uff0c\u8fd9\u79cd\u533a\u5206\u9887\u5177\u53c2\u8003\u4ef7\u503c\u3002\u8be5\u516c\u53f8\u5728\u52a0\u62ff\u5927\u897f\u90e8\u8fd0\u8425\u7ba1\u9053\u3001\u52a0\u5de5\u5382\u3001\u5206\u998f\u8bbe\u65bd\u3001\u4ed3\u50a8\u53ca\u51fa\u53e3\u57fa\u7840\u8bbe\u65bd\uff0c\u800c\u8fd9\u4e9b\u8bbe\u65bd\u65e0\u8bba\u5e02\u573a\u5982\u4f55\u6ce2\u52a8\uff0c\u57fa\u672c\u90fd\u5728\u6301\u7eed\u8fd0\u8f6c\u3002<\/p>\n

\u6536\u8d39\u5408\u7ea6\u6258\u5e95\uff1a\u5408\u7ea6\u5b9a\u4ef7\u51b3\u5b9a\u6bcf\u6876\u4ef7\u503c<\/h2>\n

\u5728\u6df1\u5165\u63a2\u8ba8\u4e4b\u524d\uff0c\u6709\u5fc5\u8981\u5148\u5ba1\u89c6\u516c\u53f8\u7684\u8d44\u4ea7\u8d1f\u503a\u8868\u8868\u73b0\u3002\u7b2c\u4e8c\u5b63\u5ea6\u8c03\u6574\u540e\u7ecf\u8425\u6d3b\u52a8\u73b0\u91d1\u6d41\u4e3a\u6bcf\u80a1 $1.34\uff0cPembina\u7684\u5b63\u5ea6\u80a1\u606f\u4e3a\u6bcf\u80a1 $0.74\uff0c\u6d3e\u606f\u7ea6\u5360\u8be5\u8c03\u6574\u540e\u7ecf\u8425\u73b0\u91d1\u6d41\u6307\u6807\u7684 55%\u3002\u9700\u8981\u6307\u51fa\u7684\u662f\uff0c\u8c03\u6574\u540e\u7ecf\u8425\u73b0\u91d1\u6d41\u5e76\u975e\u6263\u9664\u6240\u6709\u9879\u76ee\u4e0e\u7ef4\u62a4\u9700\u6c42\u540e\u5269\u4f59\u7684\u81ea\u7531\u73b0\u91d1\u6d41 \u2014\u2014 \u7ba1\u9053\u4e1a\u52a1\u672c\u8d28\u4e0a\u4ecd\u662f\u8d44\u672c\u5bc6\u96c6\u578b\u884c\u4e1a\u3002\u56e0\u6b64\uff0c\u5c06\u6d3e\u606f\u6d4b\u7b97\u4e0e\u9879\u76ee\u5b9e\u9645\u56de\u62a5\u7ed3\u5408\u6765\u770b\u66f4\u4e3a\u7a33\u59a5\u3002<\/p>\n

\u7b2c\u4e8c\u5b63\u5ea6\uff0cPembina\u7ba1\u9053\u677f\u5757\u8c03\u6574\u540e EBITDA \u4ece\u53bb\u5e74\u540c\u671f\u7684 $6.46 \u4ebf\u964d\u81f3 $6.26 \u4ebf\uff0c\u800c\u603b\u8fd0\u91cf\u5b9e\u5219\u4e0a\u5347\uff1b\u4e0e\u6b64\u540c\u65f6\uff0c\u8bbe\u65bd\u677f\u5757\u8c03\u6574\u540e EBITDA \u4ece $3.31 \u4ebf\u5347\u81f3 $3.86 \u4ebf\u3002\u7ba1\u9053\u677f\u5757\u4e0b\u6ed1\u90e8\u5206\u6e90\u4e8e Alliance Pipeline \u6536\u8d39\u65b9\u5f0f\u7684\u53d8\u66f4 \u2014\u2014 \u8fd9\u5bf9\u6295\u8d44\u8005\u662f\u4e00\u4e2a\u63d0\u9192\uff1a\u8fd0\u91cf\u66f4\u591a\u5e76\u4e0d\u81ea\u52a8\u610f\u5473\u7740\u8d5a\u5f97\u66f4\u591a\uff0c\u5408\u7ea6\u4e0e\u5b9a\u4ef7\u4ecd\u7136\u51b3\u5b9a\u7740\u6bcf\u6876\u539f\u6cb9\u5bf9\u57fa\u7840\u8bbe\u65bd\u6240\u6709\u8005\u7684\u4ef7\u503c\u3002<\/p>\n

4.4% \u80a1\u606f\u7387\u4e0e 5%-7% \u589e\u957f\u6307\u5f15<\/h2>\n

\u5c55\u671b\u672a\u6765\uff0cPembina\u7684\u76ee\u6807\u662f\u5230 2030 \u5e74\u5b9e\u73b0\u6bcf\u80a1\u8d39\u57fa\u8c03\u6574\u540e EBITDA \u5e74\u5316\u590d\u5408\u589e\u957f 5% \u81f3 7%\u3002\u82e5\u8fd9\u4e00\u76ee\u6807\u8fbe\u6210\uff0c\u5c06\u5bf9\u5f53\u524d\u80a1\u606f\u53ca\u672a\u6765\u589e\u957f\u5f62\u6210\u652f\u6491\u3002\u4ee5 $66.14 \u7684\u80a1\u4ef7\u8ba1\u7b97\uff0c$2.94 \u7684\u5e74\u5316\u80a1\u606f\u5bf9\u5e94\u6536\u76ca\u7387\u7ea6\u4e3a 4.4%\u3002<\/p>\n

\u516c\u53f8\u8fd8\u62e5\u6709\u503c\u5f97\u5173\u6ce8\u7684\u589e\u957f\u50ac\u5316\uff1a\u5728\u5efa\u7684 Cedar LNG \u9879\u76ee\u662f\u52a0\u62ff\u5927\u5c11\u6570\u5728\u5efa LNG \u51fa\u53e3\u7ec8\u7aef\u4e4b\u4e00\uff0c\u9884\u8ba1\u5c06\u4e8e 2028 \u5e74\u4ea7\u751f\u6536\u5165\uff1b\u516c\u53f8\u8fd1\u671f\u8fd8\u5c31\u4e3a\u963f\u5c14\u4f2f\u5854\u7701\u4e00\u5ea7\u5927\u578b\u6570\u636e\u4e2d\u5fc3\u7efc\u5408\u4f53\u4f9b\u7535\u8fbe\u6210\u534f\u8bae\uff1b\u6b64\u5916\u8fd8\u5305\u62ec\u4e00\u5957\u4e59\u70f7\u63d0\u53d6\u8bbe\u65bd\u53ca\u82e5\u5e72\u8fd1\u671f\u7ba1\u9053\u6269\u5efa\u9879\u76ee\u3002<\/p>\n

\u9700\u8981\u8003\u8651\u7684\u98ce\u9669\u56e0\u7d20\u5305\u62ec\uff1a\u9879\u76ee\u5ef6\u671f\u3001\u501f\u8d37\u6210\u672c\u4e0a\u5347\u3001\u5ba2\u6237\u4ea7\u91cf\u4e0b\u6ed1\u4ee5\u53ca\u4e0d\u5229\u7684\u5408\u7ea6\u53d8\u66f4\uff0c\u5747\u53ef\u80fd\u635f\u5bb3\u56de\u62a5\u3002Pembina\u4ea6\u5b58\u5728\u90e8\u5206\u5546\u54c1\u4ef7\u683c\u654f\u611f\u4e1a\u52a1\uff0c\u5e76\u975e\u5b8c\u5168\u4e0e\u80fd\u6e90\u4ef7\u683c\u7edd\u7f18\u3002 2022 \u5e74\uff08\u6b64\u524d\u7ecf\u5386\u4e86\u4e24\u5e74\u80a1\u606f\u589e\u957f\u6682\u505c\uff09\u4ee5\u6765\uff0c\u516c\u53f8\u6bcf\u5e74\u5747\u4e0a\u8c03\u80a1\u606f\u3002<\/p>\n

\u6295\u8d44\u8005\u4e0d\u5fc5\u7cbe\u51c6\u9884\u5224\u6bcf\u4e00\u6b21 OPEC+ \u4f1a\u8bae\u6765\u6301\u6709\u80fd\u6e90\u57fa\u7840\u8bbe\u65bd\u8d44\u4ea7 \u2014\u2014 Pembina\u65e9\u5df2\u9760\u8fd0\u8f93\u3001\u52a0\u5de5\u548c\u50a8\u5b58\u5f53\u4e0b\u5df2\u5b58\u5728\u7684\u4ea7\u91cf\u83b7\u53d6\u6536\u5165\u3002\u65e0\u8bba OPEC+ \u5728\u4f1a\u8bae\u4e0a\u627f\u8bfa\u4ec0\u4e48\uff0c\u6876\u6cb9\u603b\u5f97\u6709\u53bb\u5904\u3002<\/p>\n","protected":false},"excerpt":{"rendered":"

OPEC+ \u8ba1\u5212\u751f\u4ea7\u591a\u5c11\u6876\u539f\u6cb9\uff0c\u53ef\u4ee5\u8ba9\u5e02\u573a\u4e89\u8bba\u4e00\u4e0a\u5348\u3002\u4f46\u4e00\u5bb6\u7ba1\u9053\u516c\u53f8\u7684\u5173\u5207\u70b9\u7565\u6709\u4e0d\u540c\uff1a\u7a76\u7adf\u8c01\u771f\u6b63\u9700\u8981\u628a\u8d27\u7269\u8fd0\u51fa […]<\/p>\n","protected":false},"author":27,"featured_media":596270,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":"","_links_to":"","_links_to_target":""},"categories":[1521,430],"tags":[2146,538,2247,1859],"class_list":["post-668239","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-1521","category-trends-strategies-zh-hans","tag-2146","tag-538","tag-2247","tag-1859","sectors-oil-gas-zh-hans","locations-canada-zh-hans","exchange-tsx-zh-hans"],"acf":[],"_links":{"self":[{"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/posts\/668239","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/users\/27"}],"replies":[{"embeddable":true,"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/comments?post=668239"}],"version-history":[{"count":3,"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/posts\/668239\/revisions"}],"predecessor-version":[{"id":668242,"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/posts\/668239\/revisions\/668242"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/media\/596270"}],"wp:attachment":[{"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/media?parent=668239"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/categories?post=668239"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/tags?post=668239"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}