據油田技術6月10日報道，雷斯塔能源分析顯示，被迫停產的石油和慷慨的歐佩克+自愿減產措施延長至7月，不僅將平衡全球原油和凝析油需求，而且規模足以從2020年6月開始造成每月石油供應小于需求，并至少持續到明年年底。

今年早些時候導致WTI油價下跌的供過于求狀況已經成為過去，只要歐佩克+繼續嚴格遵守協議，石油需求復蘇軌跡不會發生根本改變。上個石油供應過剩月份似乎是5月份，當時原油和凝析油的日產量比需求高出約610萬桶。

現在看來，6月份全球石油日產量將出現約150萬桶的缺口。預計將7月擴大到460萬桶/天，8月將達到420萬桶/天，在2020年剩余時間缺口略微減少后，將在2021年1月達到520萬桶/天的峰值。盡管供應小于需求的情況在那之后會有所緩解，Rystad估計這種情況將會持續到明年。

Rystad Energy石油市場主管Bjrnar Tonhaugen表示：“通過迅速收緊即期市場，幫助壓低價格，并創造一個有利于迅速緩解石油儲備的供應環境，從而創造一個小的牛市周期，因為供應相較需求的減少將引發庫存大量減少。”

Rystad Energy估計，在2020年剩下的幾個月里，全球原油和凝析油日產量將維持在8000萬桶以下。6月原油日產量可能達到7140萬桶，并將逐月增長，到12月將達到7840萬桶的峰值。

另一方面，2020年6月需求將達到7290萬桶/天，從9月開始將超過8000萬桶/天，12月達到8230萬桶/天的月度最高水平。

然而，如果油價繼續穩步上升，將刺激美國部分停產產能恢復生產。此外，如果鉆探商提前結束停產期，美國原油產量恢復的速度可能會快于歐佩克+的預期，從而彌補部分供需逆差。

王佳晶 摘譯自 油田技術

原文如下：

Rystad Energy: Fresh OPEC+ cuts point to crude and condensate supply deficits through 2021

The forced oil production shutdowns and the extension of the generous OPEC+ voluntary cuts into July will not only balance the Covid-19-hit global crude and condensate demand, but are deep enough to create a monthly deficit starting from June 2020 and continuing uninterrupted until at least the end of next year, a Rystad Energy analysis shows.

The oversupply, which sent WTI oil prices into the negative earlier this year, is a thing of the past as long as OPEC+ compliance stays strong and the oil demand recovery trajectory is not radically altered. The last surplus month appears to have been May, when crude and condensate production exceeded demand by about 6.1 million bpd.

June is now already set for a global production deficit of about 1.5 million bpd. The imbalance is forecast to reach 4.6 million bpd in July, 4.2 million bpd in August and, after being reduced a little during the remainder of 2020, peak at 5.2 million bpd in January 2021. Although the shortfall will ease after that, Rystad Energy estimates that monthly deficits will remain throughout next year.

“We believe OPEC+ is attempting to create a mini-bull-cycle by quickly tightening the prompt market, helping depressed prices and creating a supply environment that will facilitate a rapid relief of oil storages, as deficits will trigger large stock draws,“ said Rystad Energy’s Head of Oil Markets Bj?rnar Tonhaugen.

Rystad Energy estimates that global crude and condensate production will stay below 80 million bpd for all the remaining months of 2020. Output will likely reach 71.4 million bpd in June and grow monthly to a high of 78.4 million bpd in December.

Demand, on the other hand, is set to reach 72.9 million bpd already in June 2020 and exceed 80 million bpd from September onwards, reaching an annual monthly high of 82.3 million bpd in December.

“However, if the oil price continues its steady ascension, this will spur reactivation of parts of the curtailed US oil production. Also, if frac crews end their holidays early, US volumes may be coming back more quickly than OPEC+ expects, bridging part of the deficit,“ added Tonhaugen.