據彭博社6月11日報道，亞洲各地的燃料需求正在逐漸好轉，但這個全球最大石油進口地區的多數經濟體似乎不太可能復制中國的快速復蘇。

今年2月，中國經濟基本上處于停滯狀態，5月中旬，中國的消費水平已回到去年同期水平。雖然就疫情的影響而言，其他國家較中國要晚幾個月，但燃油消費的反彈速度并沒有中國那么快。

日本5月份汽油需求仍較上年同期下降27%，而韓國汽油加工商的開工率比平時低了5至 10個百分點。上月，印度柴油銷量同比下降近三分之一。

中國及時控制疫情，使其經濟得以更快地反彈，這是造成這種差異的原因之一。相比之下，由于布倫特原油價格自4月份以來翻了一番，亞洲各地的加工商現在不得不努力應對利潤率下降的危機。

牛津能源研究所(Oxford Institute for Energy Studies)中國能源項目主任米哈爾梅丹(Michal Meidan)表示:“原油價格的上漲肯定是受到東部地區購買活動的推動，煉油商囤積了30美元/桶的石油。但我認為市場有點超前了復蘇可能是漸進的，盡管東南亞的驅動力開始回升。”

需求反彈步伐的區域不平衡表明，除非消費明顯回升，否則石油市場將很難從目前水平恢復。全球基準布倫特原油有望出現七周來的首次單周下跌現象。

洪偉立 摘譯自 彭博社

原文如下：

Asia’s Uneven Oil Demand Recovery Shows Rally Faces Hurdles

Fuel demand is on the mend across Asia as nations emerge from coronavirus lockdowns, but most economies in the world’s biggest oil-importing region appear unlikely to replicate China’s rapid recovery.

Chinese consumption was already back at similar levels to a year earlier in mid-May after the country was largely shut down in February. While other nations are generally a couple of months behind China in terms of the impact from the pandemic, fuel consumption isn’t snapping back as fast.

Japanese gasoline demand was still down 27% in May from a year earlier, while South Korean processors are operating at rates that are 5 to 10 percentage points lower than usual. Indian diesel sales were nearly a third lower last month on a year-on-year basis.

The drastic steps taken by China to contain the virus, which allowed its economy to bounce back faster, are one reason for the disparities. Chinese refiners also benefited from a domestic floor price that boosted margins relative to their peers. By contrast, with Brent prices doubling since April processors across Asia are now having to grapple with depressed margins.

“The crude story is certainly picking up on buying activity in the East, as refiners have stocked up on $30 dollar oil,” said Michal Meidan, director of the China Energy Program at the Oxford Institute for Energy Studies. “But I think the market is getting ahead of itself slightly” and the recovery is likely to be gradual even as driving starts to pick up again in Southeast Asia, she said.

The uneven pace of the rebound suggests that oil will find it tougher to rally from here unless consumption picks up markedly. Brent crude, the global benchmark, is on track for its first weekly drop in seven weeks.