{"id":46157,"date":"2026-04-28T20:01:10","date_gmt":"2026-04-28T20:01:10","guid":{"rendered":"https:\/\/www.vtmarkets.com\/uncategorized\/46157\/"},"modified":"2026-04-28T20:01:10","modified_gmt":"2026-04-28T20:01:10","slug":"%e9%98%bf%e8%81%af%e9%85%8b%e5%ae%a3%e5%b8%83%e9%80%80%e5%87%ba-opec%ef%bc%8c%e9%87%8d%e5%a1%91%e5%85%a8%e7%90%83%e8%83%bd%e6%ba%90%e5%b8%82%e5%a0%b4%e6%a0%bc%e5%b1%80%e4%b8%a6%e6%94%b9%e8%ae%8a","status":"publish","type":"post","link":"https:\/\/www.vtmarkets.com\/zh\/live-updates\/46157\/","title":{"rendered":"\u963f\u806f\u914b\u5ba3\u5e03\u9000\u51fa OPEC+\uff0c\u91cd\u5851\u5168\u7403\u80fd\u6e90\u5e02\u5834\u683c\u5c40\u4e26\u6539\u8b8a\u5168\u7403\u539f\u6cb9\u4f9b\u9700\u5e73\u8861"},"content":{"rendered":"<p>\u963f\u806f\u914b\u8868\u793a\u5c07\u65bc5\u67081\u65e5\u9000\u51fa\u77f3\u6cb9\u51fa\u53e3\u570b\u7d44\u7e54\uff08OPEC\uff09\u53ca\u300cOPEC+\u300d\uff08\u5373OPEC\u52a0\u4e0a\u4fc4\u7f85\u65af\u7b49\u76df\u53cb\u7684\u7522\u6cb9\u570b\u5354\u8abf\u6a5f\u5236\uff09\uff0c\u8def\u900f\u5831\u9053\u3002\u6b64\u8209\u7dca\u63a5\u5176\u6aa2\u8996\u570b\u5bb6\u80fd\u6e90\u7b56\u7565\u4e4b\u5f8c\u4f5c\u51fa\u3002<\/p>\n<p>\u6709\u95dc\u6c7a\u5b9a\u5728\u8207\u4f0a\u6717\u885d\u7a81\u76f8\u95dc\u7684\u7dca\u5f35\u5c40\u52e2\u5347\u6eab\u4e4b\u969b\u516c\u5e03\u3002\u5916\u754c\u63da\u8a00\u5a01\u8105\u970d\u723e\u6728\u8332\u6d77\u5cfd\uff0c\u6b63\u4ee4\u6ce2\u65af\u7063\u51fa\u53e3\u9762\u81e8\u58d3\u529b\u3002<\/p>\n<h3>\u970d\u723e\u6728\u8332\u6d77\u5cfd\u98a8\u96aa<\/h3>\n<p>\u970d\u723e\u6728\u8332\u6d77\u5cfd\u662f\u5168\u7403\u80fd\u6e90\u904b\u8f38\u7684\u300c\u54bd\u5589\u8981\u9053\u300d\uff08chokepoint\uff0c\u6307\u4e00\u65e6\u53d7\u963b\u4fbf\u6703\u4ee4\u5927\u91cf\u8ca8\u7269\u6d41\u901a\u53d7\u5f71\u97ff\u7684\u72f9\u7a84\u901a\u9053\uff09\uff0c\u627f\u8f09\u5168\u7403\u76f8\u7576\u5927\u6bd4\u4f8b\u7684\u539f\u6cb9\u8207\u6db2\u5316\u5929\u7136\u6c23\uff08LNG\uff0c\u5c07\u5929\u7136\u6c23\u51b7\u537b\u6210\u6db2\u9ad4\u4ee5\u4fbf\u9577\u9014\u904b\u8f38\uff09\u3002\u4e00\u65e6\u53d7\u5e72\u64fe\uff0c\u5f71\u97ff\u6703\u64f4\u6563\u81f3\u66f4\u5ee3\u6cdb\u7684\u80fd\u6e90\u4f9b\u61c9\u8def\u7dda\u3002<\/p>\n<p>\u963f\u806f\u914b\u9000\u51fa\u5f8c\uff0c\u9577\u671f\u7531\u6c99\u7279\u963f\u62c9\u4f2f\u4e3b\u5c0e\u7684\u7522\u6cb9\u570b\u9663\u71df\u898f\u6a21\u5c07\u7e2e\u5c0f\uff0c\u4ea6\u53ef\u80fd\u52a0\u5287\u5c0d\u7522\u91cf\u914d\u984d\uff08\u5404\u570b\u53ef\u751f\u7522\u7684\u4e0a\u9650\uff09\u53ca\u653f\u7b56\u65b9\u5411\u7684\u5206\u6b67\u3002<\/p>\n<p>\u8def\u900f\u5f15\u8ff0\u5831\u9053\u6307\uff0c\u5b98\u54e1\u5e0c\u671b\u5236\u5b9a\u66f4\u7b26\u5408\u570b\u5bb6\u6574\u9ad4\u512a\u5148\u4e8b\u9805\u7684\u80fd\u6e90\u898f\u5283\uff0c\u800c\u4e0d\u518d\u53ea\u4ee5\u539f\u6cb9\u70ba\u6838\u5fc3\u3002\u5831\u9053\u4ea6\u63d0\u5230\uff0c\u6642\u9593\u9ede\u8207\u5916\u754c\u6182\u616e\u5730\u5340\u652f\u63f4\u4e0d\u8db3\u6709\u95dc\uff0c\u56e0\u885d\u7a81\u671f\u9593\u66fe\u767c\u751f\u591a\u5b97\u8972\u64ca\u4e8b\u4ef6\u3002<\/p>\n<p>\u5e02\u5834\u65b9\u9762\uff0c\u6d88\u606f\u516c\u5e03\u5f8c\uff0c\u7d10\u7d04\u671f\u6cb9WTI\uff08West Texas Intermediate\uff0c\u7f8e\u570b\u57fa\u6e96\u539f\u6cb9\uff09\u4e00\u5ea6\u56de\u843d\u81f3\u7d0496\u7f8e\u5143\uff0c\u5176\u5f8c\u56de\u5347\u81f3\u7d0497.60\u7f8e\u5143\uff0c\u65e5\u5167\u53472.8%\u3002<\/p>\n<h3>\u4ea4\u6613\u5f71\u97ff\u8207\u6ce2\u52d5<\/h3>\n<p>\u96a8\u7740\u963f\u806f\u914b\u5c07\u65bc5\u67081\u65e5\u9000\u51faOPEC+\uff0c\u6cb9\u5e02\u53ef\u80fd\u9032\u5165\u8f03\u5927\u4e0d\u78ba\u5b9a\u6027\u3002\u5e02\u5834\u77ed\u7dda\u89d2\u529b\u5728\u65bc\uff1a\u963f\u806f\u914b\u82e5\u589e\u52a0\u4f9b\u61c9\uff0c\u5c6c\u504f\u6de1\u56e0\u7d20\uff1b\u540c\u6642\u4f0a\u6717\u76f8\u95dc\u5730\u7de3\u653f\u6cbb\u98a8\u96aa\u6ea2\u50f9\uff08\u98a8\u96aa\u6ea2\u50f9\u6307\u5e02\u5834\u56e0\u4e0d\u78ba\u5b9a\u6027\u800c\u984d\u5916\u63a8\u9ad8\u50f9\u683c\u7684\u90e8\u5206\uff09\u5247\u504f\u5229\u597d\u6cb9\u50f9\u3002\u5169\u80a1\u529b\u91cf\u62c9\u626f\u4e0b\uff0c\u62bc\u55ae\u4e00\u65b9\u5411\u98a8\u96aa\u8f03\u9ad8\uff0c\u6ce2\u52d5\u672c\u8eab\u6216\u6210\u70ba\u4ea4\u6613\u95dc\u9375\u3002<\/p>\n<p>\u5e02\u5834\u9810\u671f\u963f\u806f\u914b\u5728\u4e0d\u518d\u53d7\u914d\u984d\u7d04\u675f\u5f8c\uff0c\u6216\u53ef\u8f03\u5feb\u5411\u5e02\u5834\u589e\u52a0\u903e\u6bcf\u65e5100\u842c\u6876\u4f9b\u61c9\u3002\u9019\u5c07\u8003\u9a57\u7f8e\u570b\u80fd\u6e90\u8cc7\u8a0a\u7f72EIA\uff08Energy Information Administration\uff0c\u7f8e\u570b\u5b98\u65b9\u80fd\u6e90\u7d71\u8a08\u53ca\u7814\u7a76\u6a5f\u69cb\uff09\u6240\u6307\u5176\u9918OPEC\u6210\u54e1\u5408\u5171\u7d04\u6bcf\u65e5500\u842c\u6876\u7684\u9592\u7f6e\u7522\u80fd\u7de9\u885d\uff08spare capacity\uff0c\u5373\u53ef\u5728\u77ed\u6642\u9593\u5167\u984d\u5916\u63d0\u5347\u7684\u7522\u91cf\uff09\u3002\u82e5\u970d\u723e\u6728\u8332\u6d77\u5cfd\u7dca\u5f35\u672a\u518d\u5347\u7d1a\uff0c\u65b0\u589e\u4f9b\u61c9\u6216\u9650\u5236\u6cb9\u50f9\u4e0a\u885d\u7a7a\u9593\u3002<\/p>\n<p>\u4e0d\u904e\uff0c\u970d\u723e\u6728\u8332\u6d77\u5cfd\u7684\u91cd\u8981\u6027\u4e0d\u5bb9\u5ffd\u8996\uff1b\u5168\u7403\u6bcf\u65e5\u539f\u6cb9\u4f9b\u61c9\u63a5\u8fd1\u4e94\u5206\u4e4b\u4e00\u9700\u7d93\u6b64\u901a\u9053\u3002\u4e00\u65e6\u4e2d\u65b7\uff0c\u5f71\u97ff\u5c07\u5373\u6642\u84cb\u904e\u963f\u806f\u914b\u589e\u7522\uff0c\u6cb9\u50f9\u53ef\u80fd\u6025\u5347\u3002\u5e02\u5834\u66fe\u57282025\u5e74\u521d\u671f\u885d\u7a81\u5f8c\u51fa\u73fe\u985e\u4f3c\u98a8\u96aa\u6ea2\u50f9\uff0c\u6cb9\u50f9\u77ed\u66ab\u5347\u7834110\u7f8e\u5143\u3002<\/p>\n<p>\u56de\u98672020\u5e74OPEC+\u5931\u548c\uff0c\u7576\u6642\u7206\u767c\u50f9\u683c\u6230\uff0cWTI\u671f\u8ca8\u4e00\u5ea6\u8dcc\u81f3\u8ca0\u503c\u3002\u96d6\u7136\u73fe\u6642\u9700\u6c42\u72c0\u6cc1\u8f03\u5f37\uff0c\u4f46\u4e8b\u4ef6\u53cd\u6620\u5354\u8abf\u4f9b\u61c9\u653f\u7b56\u53ef\u5728\u77ed\u6642\u9593\u5167\u74e6\u89e3\uff0c\u6f14\u8b8a\u6210\u722d\u596a\u5e02\u4f54\u7684\u7af6\u8cfd\uff0c\u4ea4\u6613\u8005\u9700\u7559\u610f\u53ef\u80fd\u51fa\u73fe\u8f03\u6975\u7aef\u7684\u50f9\u683c\u6ce2\u52d5\u3002<\/p>\n<p>\u5728\u4e0d\u78ba\u5b9a\u6027\u9ad8\u4f01\u4e0b\uff0c\u8f03\u5be9\u614e\u7684\u884d\u751f\u5de5\u5177\u7b56\u7565\uff08derivatives\uff0c\u6307\u50f9\u683c\u6e90\u65bc\u6a19\u7684\u8cc7\u7522\u5982\u539f\u6cb9\u671f\u8ca8\/\u73fe\u8ca8\u7684\u5408\u7d04\uff09\u6216\u662f\u300c\u8cb7\u6ce2\u5e45\u300d\u800c\u975e\u4f30\u65b9\u5411\u3002\u6211\u5011\u770b\u52306\u6708\u53ca7\u6708\u5230\u671f\u7684\u671f\u6b0a\u5408\u7d04\uff08options\uff0c\u7d66\u4e88\u8cb7\u8ce3\u6b0a\u5229\u800c\u975e\u7fa9\u52d9\u7684\u5408\u7d04\uff09\u96b1\u542b\u6ce2\u52d5\u7387\uff08implied volatility\uff0c\u5e02\u5834\u7531\u671f\u6b0a\u50f9\u683c\u63a8\u7b97\u7684\u672a\u4f86\u6ce2\u52d5\u9810\u671f\uff09\u4e0a\u5347\uff1bCBOE\u539f\u6cb9\u6ce2\u52d5\u7387\u6307\u6578OVX\uff08\u4ee5WTI\u76f8\u95dc\u671f\u6b0a\u8a08\u7b97\u7684\u5e02\u5834\u6ce2\u52d5\u6307\u6a19\uff09\u903c\u8fd150\uff0c\u63a5\u8fd12022\u5e74\u5e02\u5834\u52d5\u76ea\u4ee5\u4f86\u8f03\u5c11\u898b\u7684\u6c34\u5e73\u3002\u8cb7\u5165\u671f\u6b0a\u7d44\u5408\u5982\u8de8\u5f0f\uff08straddle\uff0c\u540c\u4e00\u5230\u671f\u65e5\u540c\u4e00\u884c\u4f7f\u50f9\u540c\u6642\u8cb7\u5165\u8a8d\u8cfc\u53ca\u8a8d\u6cbd\uff09\u6216\u52d2\u5f0f\uff08strangle\uff0c\u540c\u4e00\u5230\u671f\u65e5\u4f46\u7528\u4e0d\u540c\u3001\u8f03\u5916\u50f9\u7684\u884c\u4f7f\u50f9\u540c\u6642\u8cb7\u5165\u8a8d\u8cfc\u53ca\u8a8d\u6cbd\uff09\uff0c\u53ef\u5728\u50f9\u683c\u5927\u5e45\u4e0a\u843d\u4efb\u4e00\u65b9\u5411\u6642\u722d\u53d6\u6536\u76ca\u3002<\/p>\n<p>\u5e03\u862d\u7279\uff08Brent\uff0c\u6b50\u6d32\u53ca\u5168\u7403\u5e38\u7528\u57fa\u6e96\u539f\u6cb9\uff09\u8207WTI\u7684\u50f9\u5dee\uff08spread\uff0c\u5169\u8005\u50f9\u683c\u5dee\u8ddd\uff09\u4ea6\u503c\u5f97\u5bc6\u5207\u7559\u610f\uff0c\u4f5c\u70ba\u5e02\u5834\u58d3\u529b\u6307\u6a19\u3002\u6b77\u53f2\u4e0a\uff0c\u4e2d\u6771\u885d\u7a81\u671f\u9593\u8a72\u50f9\u5dee\u5f80\u5f80\u64f4\u5927\uff0c\u56e0\u5e03\u862d\u7279\u66f4\u76f4\u63a5\u53d7\u8a72\u5340\u4f9b\u61c9\u4e2d\u65b7\u5f71\u97ff\u3002\u50f9\u5dee\u64f4\u5927\u901a\u5e38\u610f\u5473\u5e02\u5834\u6b63\u63d0\u9ad8\u5c0d\u300c\u4f9b\u61c9\u885d\u64ca\u300d\uff08supply shock\uff0c\u7a81\u767c\u4f9b\u61c9\u5927\u5e45\u6e1b\u5c11\uff09\u4f86\u81ea\u6ce2\u65af\u7063\u7684\u6a5f\u7387\u8a55\u4f30\u3002<\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u963f\u806f\u914b\u7a81\u5ba3\u5e03\u9000\u51faOPEC+\uff0c\u9707\u64bc\u6cb9\u5e02\uff1a\u6e1b\u7522\u806f\u76df\u73fe\u88c2\u75d5\uff0c\u539f\u6cb9\u4f9b\u9700\u5e73\u8861\u6216\u91cd\u5beb\uff0c\u6cb9\u50f9\u6ce2\u52d5\u52a0\u5287\uff0c\u5168\u7403\u80fd\u6e90\u7248\u5716\u9762\u81e8\u65b0\u6d17\u724c\uff0c\u6295\u8cc7\u8005\u9808\u8b66\u60d5\u98a8\u96aa\u3002<\/p>\n","protected":false},"author":87,"featured_media":0,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[4],"tags":[],"class_list":["post-46157","post","type-post","status-publish","format-standard","hentry","category-live-updates"],"acf":{"acf_article_selection_author":null},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.vtmarkets.com\/zh\/wp-json\/wp\/v2\/posts\/46157","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.vtmarkets.com\/zh\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.vtmarkets.com\/zh\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.vtmarkets.com\/zh\/wp-json\/wp\/v2\/users\/87"}],"replies":[{"embeddable":true,"href":"https:\/\/www.vtmarkets.com\/zh\/wp-json\/wp\/v2\/comments?post=46157"}],"version-history":[{"count":0,"href":"https:\/\/www.vtmarkets.com\/zh\/wp-json\/wp\/v2\/posts\/46157\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.vtmarkets.com\/zh\/wp-json\/wp\/v2\/media?parent=46157"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/zh\/wp-json\/wp\/v2\/categories?post=46157"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/zh\/wp-json\/wp\/v2\/tags?post=46157"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}