據油田技術1月21日消息，近日，伍德麥肯茲公司(Wood Mackenzie)發布了其《石油市場:2022年5大關注事項》報告，該報告討論了今年影響全球需求、石油供應和煉油市場的不確定性和問題。

石油需求面臨下行風險

新冠疫情爆發的形式和范圍以及各國政府的應對措施給2022年的經濟復蘇和石油需求增長帶來了下行風險。此外，隨著21年第四季度通脹步伐加快，消費可能會進一步受阻，給經濟增長和個人流動性帶來下行風險。

2022年汽車電氣化政策和采用速度將對本十年及以后的全球運輸燃料需求產生影響。

歐洲能源稅收指令的“Fit for 55”修正案提議，從2023年起取消在歐洲經濟區(EEA)內銷售和使用的航空和船舶船用燃料的免稅。這確實需要成員國的一致同意，因此將在 2022 年成為值得關注的問題。

2022年石油供應有望實現強勁增長

2022年全球供應量預計將增加480萬桶/天，略高于需求增長。預計今年不會出現供應短缺。

非歐佩克預計將貢獻全球石油供應增長的近一半，其中北美是主要貢獻者，包括來自加拿大、美國和墨西哥灣的增長。與2021年相比，美國本土的原油產量預計將同比增長。

然而，運營商仍專注于償還債務和向投資者返還資金。通脹壓力也可能影響經濟活動水平。

在其他地方，非歐佩克國家的主要增長來源是俄羅斯、巴西（在2021年令人失望之后，巴西的產量應該會有所增長）和北海（預計產量將強勁增長）。

歐佩克+政策將繼續按計劃執行

歐佩克+達成的每月增產40萬桶的協議預計將持續到2022年9月。但歐佩克+產油國打算每月召開會議檢查基本面，并在需求與預期不同時進行必要的調整。

Wood Mackenzie副總裁Ann-Louise Hittle表示:“預計到2022年，歐佩克原油總產量將比去年增加200萬桶/天，達到2830萬桶/天，俄羅斯的石油產量也有望增加。”

“在歐佩克+月度會議上，謹慎的管理將主導整體增長，即使一些較小的歐佩克產油國無法顯示出任何增長，甚至出現產量下降。市場管理上的失誤仍然是可能的，因為該集團傾向于使用庫存填充率等滯后指標來做決策。”

全球需求提升煉油利用率，但仍低于疫情前水平

2021年的特點是輕餾分較強，中等餾分較弱，幾個大型煉油項目的投產比計劃的要慢，特別是中東地區的項目。

副總裁Alan Gelder表示:“我們正在密切關注沙特阿拉伯的吉贊、科威特的Al-Zour、以及印度的Vizag的活動，因為這些活動將對蘇伊士以東的供需平衡產生重大影響。”

然而，最大、最顯著的產能增加是尼日利亞的Dangote煉油廠，該煉油廠日產量為65萬桶，目前計劃于2022年年中投產。盡管有這些投資，但全球需求的增長速度將超過產能增加的160萬桶/天，從而提高利用率和煉油利潤率。然而，新常態的利潤率范圍低于疫情前，因為全球利用率將保持在2019年水平以下。”

下游投資組合的高評級可能會放緩;加大對綠色戰略的關注

盡管石油巨頭需要進一步調整投資組合，但剝離煉油廠的計劃可能會在2022年失去動力。由于過去一年已就剝離投資組合中最具吸引力的資產達成協議，亞洲主要企業和關鍵企業可能面臨著從買家和投資者那里找到足夠引起興趣的挑戰。公司可以推遲煉油廠的銷售，繼續致力于降低成本和提高績效，同時制定更詳細的能源轉型戰略。或者，更多的煉油廠轉換成碼頭和生物基地的公告也值得關注。

煉油商將面臨來自股東和政府的壓力，要求他們制定減少碳足跡的策略。碳成本對煉油廠收益的影響是一個非常現實的威脅，這可能導致2022年更多煉油廠關閉，因為如果沒有監管支持，這些成本無法轉嫁給消費者。

Gelder表示:“最后，一個值得關注的關鍵話題是可再生柴油原料的價格。最近一波綠色燃料項目增加了對植物油和廢品的需求。這種價格緊縮會被認為是短暫的嗎?是否有足夠的原料供應來支持煉油廠計劃開發的生物燃料的增長?”

“具有全球影響力的市場參與者將有機會優化供給的類型和來源，而本地參與者將面臨更嚴格的條件，放緩生物燃料供應增長的步伐，以及這對煉油廠實現凈零投資組合的貢獻。”

裘寅 編譯自 油田技術

原文如下：

Wood Mackenzie: oil demand faces downside risks in 2022

Wood Mackenzie has released its Oil markets: 5 things to look for in 2022 report which discusses the uncertainties and issues impacting global demand, oil supply and refining markets this year.

Oil demand risks to the downside

The shape and scope of viral outbreaks and governments’ responses place downside risk on economic recovery and oil demand growth in 2022. Additionally, with the pace of inflation accelerating in 4Q21, consumption could be further hindered bringing downside risk to both economic growth and personal mobility.

Vehicle electrification policy and pace of adoption during 2022 will have ramifications on global transport fuel demand in this decade and beyond. 

Europe’s “Fit for 55” proposed amendments to the Energy Taxation Directive, is removing tax exemptions on aviation and marine bunker fuels sold within, and for use within, the EEA from 2023 onwards. This does require unanimous approval among member states, so will be one to watch in 2022.

Oil supply lining up for strong growth in 2022

2022 global supply is expected to grow by 4.8 million b/d, slightly outpacing demand growth. A shortage of supply is not anticipated for this year.

Non-OPEC is expected to contribute nearly half of the global oil supply growth with North America as the main contributor, with gains from Canada and the US including from the Gulf of Mexico. In contrast to 2021, US Lower 48 crude production is expected to show year-on-year growth. However, operators are still focused on paying down debt and returning funds to investors. Inflationary pressure could also crimp activity levels.

Elsewhere, the main sources of non-OPEC growth are Russia, Brazil, which should deliver after a disappointing 2021, and the North Sea, where strong gains in output are expected.

OPEC+ policy to continue as planned

The OPEC+ agreement to increase production across the group by 400 000 b/d each month, until September 2022 is expected to continue. But the OPEC+ producers intend to meet each month to examine the fundamentals and adjust as needed if demand is different than expected.

Wood Mackenzie vice president Ann-Louise Hittle said: “Total OPEC crude oil production is forecast to rise 2 million b/d to 28.3 million b/d in 2022 compared to last year, and gains in Russia’s oil production is also expected.

“Careful management in the monthly OPEC+ meetings will predominate with overall growth expected even if a few of the smaller OPEC producers are unable to show any increases or even see declines in output. A lapse in management of the market is still possible because the group tends to use lagging indicators such as rate of stock fill to make its decisions.”

Global demand lifts refining utilisation, but margins remain below pre-pandemic levels

2021 was characterised by strong light ends, weak middle distillates and the slower than planned commissioning of several major refining projects, particularly those in the Middle East.‘

Vice president Alan Gelder said: “We are closely monitoring the activities at Jazan in Saudi Arabia, Al-Zour in Kuwait and Vizag in India as these will make a material difference to East of Suez supply/demand balances.

“However, the largest and most significant capacity addition is the 650 000 b/d Dangote refinery in Nigeria, currently scheduled for commissioning mid-year 2022. Despite these investments, global demand growth is to outpace these capacity additions by 1.6 million b/d, lifting utilisation and improving refining margins. The new normal is, however, a lower range of margins than enjoyed pre-pandemic, as global utilisation is to remain below 2019 levels.”

Downstream portfolio high grading could slow down; greater focus on green strategies

Despite the need for further portfolio rationalisation by the oil majors, plans to divest refineries might lose steam in 2022. The majors and key regional players might be challenged to find enough interest from buyers and investors as divestments of the most attractive assets in their portfolio have already been agreed in the past year. Companies could delay refinery sales and focus on a continued commitment to cost reduction and performance improvement, while developing more detailed energy transition strategies. Alternatively, more announcements of refinery conversions to terminals and bio-sites are something to watch out for.

Refiners will come under pressure from shareholders and governments to devise strategies to reduce their carbon footprint. The impact of carbon costs on refinery earnings is a very real threat, which could lead to more refinery closures in 2022, as these costs cannot be passed to consumers without regulatory support.

Gelder said: “Finally, a key topic to watch is prices of feedstocks for renewable diesel. The recent wave of green fuels projects has increased demand for vegetable oil and waste products. Can this crunch in prices be considered short-lived? Is there enough feedstock supply to support the ramp up in biofuels that refiners aim to develop?

“Market players with a global presence will have the opportunity to optimise the types and origin of the feed, while local players face tighter conditions, slowing down the pace of biofuels supply growth, and its contribution to achieving net zero portfolios for refiners.”

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