市场资讯及洞察
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摘要
IEA 最新月报显示,全球石油需求增速放缓但仍具韧性。尽管库存持续回升,但 OECD 库存整体仍低于五年均值,市场对供应中断高度敏感。OPEC、IEA、EIA 均上调非 OPEC 供应,未来可能出现“松中带紧”的供需结构。原油价格在供应宽松预期与地缘扰动之间反复震荡,波动率下降但敏感度上升。油市表现也可能通过风险偏好外溢至能源板块、商品货币及相关市场。
一、全球原油供需前景:IEA 月报核心要点
国际能源署(IEA)最新原油月报显示,全球石油需求虽较去年降温,但整体依旧保持韧性 [1]。先进经济体消费表现好于预期,有效抵消部分新兴市场的疲弱需求。IEA 预计 2025–2026 年全球石油需求将保持温和增长。然而在供应方面,如果 OPEC+ 维持当前产量政策且需求不出现明显下滑,全球石油市场未来数个季度可能重新进入“边际紧平衡”状态。IEA 同时指出,高油价、全球经济放缓、电动车渗透等因素正在逐步压制需求增速,使油市呈现出“短期紧平衡、长期温和宽松”的结构。
二、多机构观点对比:OPEC、EIA 与 OECD 数据
三大机构对于未来市场平衡的看法存在显著差异,这主要源于对非 OPEC+ 供应增长和需求韧性的不同假设。总体来看,市场普遍认同未来供应将更加充裕,但对于过剩的规模和时间点存在分歧。

图 3:三大机构对 2025-2026 年需求与供应增长的预测对比,显示供应增长普遍超过需求增长,预示市场将进入供应过剩周期。
OPEC 的观点相对乐观。OPEC 预计 2025 年全球石油需求将增长约 130 万桶/日,2026 年略高至 140 万桶/日 [2]。与此同时,OPEC 在最新报告中连续上调非 OPEC 供给预期,并首次将 2026 年市场从“短缺”调整为“小幅过剩”,反映其判断未来供应增长可能快于需求。
EIA 的判断更偏向供应充裕。EIA 上调了美国页岩油产量预测,指出 2025 年美国原油产量将创历史新高。同时,全球供应预期被上调至日均 1.06 亿桶,高于全球消费的 1.041 亿桶,意味着未来库存可能持续累积 [3]。EIA 预期 2025–2026 年库存增加将对油价形成中期压力。
OECD 库存虽然持续回升,但仍低于五年均值。IEA 数据显示,今年全球观测库存前八个月净增约 2 亿桶,但 OECD 商业库存仍比五年均值低约 6700 万桶。整体来看,库存虽然恢复,但仍处历史偏低区间,使油市对供应中断的敏感度依旧很高。

图 1:OECD 商业原油库存近 5 年对比最新水平,显示库存虽有回升但仍低于五年均值。
三、原油价格走势:WTI 与 Brent 如何消化预期
2023 年下半年,布伦特因供应紧张和地缘冲突预期一度突破每桶 90 美元。然而进入 2024–2025 年,随着供应回升和库存恢复,油价整体震荡下移。近期价格承压主要来自供应过剩预期强化以及美国库存意外上升。

图 2:WTI 与 Brent 价格从 2025 年初的高位回落,近期在 60–70 美元区间震荡。
尽管地缘事件偶尔推升价格,但反弹难以持续,因为供应宽松的结构性预期迅速重新主导市场。WTI 与 Brent 的期限结构一度出现小幅 Contango,显示短期供应充裕压制近端价格,而远月因长期需求预期而保持相对坚挺。整体来看,油市呈现低波动、弱趋势但对消息高度敏感的特征。
四、驱动油市的关键变量:地缘政治与供应端不确定性
运输通道风险仍是油市最大的潜在冲击点之一。全球三分之一海运原油经过霍尔木兹海峡,一旦受阻便可能引发油价剧烈波动。衍生品定价显示断供概率虽低,但属于典型的“低概率、高冲击”事件。
OPEC+ 的政策滞后性也带来结构性波动。减产会压低库存、推高价格,但高油价又刺激非 OPEC 增产,使市场重新宽松。美国页岩油增速放缓进一步加剧供应端的不确定性,削弱其作为“摇摆产能”的角色。此外,俄罗斯、伊朗等国因制裁和冲突导致出口波动,更加剧油市敏感性。
五、油市变化的外溢影响
能源板块通常与油价同方向变动,但反应速度较油价更平缓。油价对风险偏好的溢出效应也容易影响澳元等商品货币。大宗商品价格上行往往提升商品出口国的贸易条件与风险情绪,而价格下跌则可能压制相关货币表现。
六、原油市场风险提示
- 数据发布风险: EIA 每周库存、IEA 与 OPEC 月报可能导致短线波动。
- 地缘政治风险: 产油区冲突、海运通道中断、制裁变化均可能影响供需平衡。
- 宏观风险: 利率政策、美元走势及全球经济增速变化都可能改变需求前景。
结语
IEA 最新展望显示,全球油市进入“边际紧平衡”阶段:库存修复但仍偏低,供应端不确定性大于需求端。在这种结构性环境下,油市会对政策、地缘事件与供给变化表现出高度敏感。理解供需框架、关注库存趋势与识别关键风险,将是未来判断油市走向的关键。
参考资料
[1] IEA (International Energy Agency). (2025, October). Oil Market Report - October 2025. https://www.iea.org/reports/oil-market-report-october-2025
[2] OPEC (Organization of the Petroleum Exporting Countries). (2025, November). Monthly Oil Market Report. https://publications.opec.org/momr
[3] EIA (U.S. Energy Information Administration). (2025, November). Short-Term Energy Outlook. https://www.eia.gov/outlooks/steo/


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