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January2024

OilMarketContext

Oilpricesremainrange-bounddespiterisinggeopoliticalriskintheMiddleEast

MoreshippersareavoidingtheRedSeafollowingaseriesofattacksontransitingshipsbyYemen-basedHouthis.TheSuezCanalandBabal-MandebStraitcarriednearly10%ofallseaborneoiltradelastyear.SeveraloilcompanieshavesuspendedshipmentsthroughtheareaandelectedtoreroutecargosaroundAfrica’sCapeofGoodHope,adding10-14daystothevoyagetime.Asaresultoftheattacks,aUS-ledcoalitionhaslaunchedaseriesofstrikesonHouthitargetsinYemen.

Additionallyintheregion,IrancarriedoutstrikesinIraq,Syria,andPakistanearlierthisweek.PakistanthencarriedoutaretaliatorystrikeintoIran.

Despitethegeopoliticalescalation,physicaloilandgasproductionhavenotyetbeenimpactedandBrentcrudepriceshaveremainedrange-boundintheupper-$70s.Economicheadwindsandnegativesentimenthavehelpedkeeppricescapped.

ExtremecoldandwinterweatherdisruptUSproductionandrefineries

OilproductioninNorthDakota,theUS’thirdlargestproducingstate,hasfallenbynearly50%(~700kb/d)thisweekbecauseofoperationalchallengesfromextremecoldtemperatures.FreezingweatherinTexashasalsoresultedinreducedoperationsatnumerousrefineries.USphysicaloilpriceshaveseensomeupwardpressure,buttheoutageisexpectedtobetemporary,andthefuturesmarketremainslargelyunaffected.

AngolaleavesOPEC

AngolaannouncedinlateDecemberitwasleavingOPECafter16yearsofmembership.Angolawasthe7thlargestOPECmember,producing~1.1mb/dofcrude.Therearenow12OPECmembers.

ThiseditionoftheComparativeAnalysisreportincludesAngolainnon-OPECproductionfiguresandhasadjustedthemonth-on-monthrevisionstoaccountforitsreclassificationfromOPECtonon-OPEC.

2

by0.3-0.7mb/dordrewby0.6mb/d.

mb/d.

2.0

1.5

1.0

0.5

0.0

-0.5

-1.0

-1.5

-2.0

-2.5

2023hascometoanend,butoilbalancesstillshowunusuallylargedivergences

?Data,particularlyfordemand,isrevised

routinelyforyearstocome,butthislargeofa

divergenceattheendoftheyearis

uncommon.

?The2023annualbalancesfromIEA,OPEC,

andEIAimplyglobaloilinventorieseithergrew

?Thisisa1.3mb/drangefor2023andismore

than3xtherangeinestimatesfor2022(a0.4

mb/dgap).

?4Q23dataisstillconsideredaforecastandthe

currentestimatesoftheglobalsupply-demand

balancedivergeby2.6mb/d.

?However,datafor1Q23is9+monthsoldand

balanceestimatesstilldivergeby0.9mb/d.

?Allthreeforecastersarefairlyalignedonnon-

OPECproductionestimatesfortheyear,but

by1mb/dandonOPECsupplydifferby0.6

theirestimatesonglobaldemandlevelsdiffer

2023GlobalLiquidsStockChange

millionbarrelsperday

1.6

1.1

0.70.60.6

0.7

0.7

0.2

0.3

0.0

-0.4

-0.6

-0.9-0.9

-1.9

2Q23

3Q23

4Q23

2023

1Q23

IEA

EIA

OPEC

Source:IEF,IEAOMR,OPECMOMR,EIASTEO

3

Summaryof2024-2025Balances

OPECandEIApublishedinaugural2025forecaststhismonth.IEAisscheduledtointroduceits2025forecastinApril.

?Demandgrowthforecastsdivergeby1.0mb/din2024and0.6mb/din2025.OPECseesthemostrobustgrowthbothyears.IEAseesOECDdemandcontractingthisyearandEIAseesitcontractingnextyear.

?OPECandEIA’s2025globaldemandlevelforecastsdivergeby2.5mb/d–roughlyequivalenttothecurrentconsumptionlevelsofSouthKoreaorCanada.

?Non-OPECsupplyisforecasttogrowby0.9-1.4mb/dinboth2024and2025.

?OPECandEIAbothseethecallonOPECrisingin2024and2025asdemandgrowthoutpacesnon-OPECsupplygrowthinbothyears.

lowestforecast

highestforecast

2024&2025BalanceSummary

2024

2025

1Q242Q243Q244Q24

20242024Y/Y

1Q252Q253Q254Q25

20252025Y/Y

IEA

101.7

102.7

103.7

103.8

103.0

1.2

GlobalDemand

OPEC

103.3

103.9

104.9

105.3

104.4

2.2

105.2

105.7

106.9

107.0

106.2

1.8

EIA

102.1

102.1

102.8

102.8

102.5

1.4

103.2

103.4

104.0

104.1

103.7

1.2

IEA

45.4

45.5

45.6

45.9

45.6

-0.1

OECDDemand

OPEC

45.6

45.9

46.3

46.2

46.0

0.3

45.7

46.0

46.5

46.3

46.1

0.1

EIA

46.1

45.6

46.2

46.3

46.1

0.1

45.9

45.5

46.2

46.3

46.0

-0.1

IEA

56.3

57.3

58.0

57.9

57.4

1.4

Non-OECDDemand

OPEC

57.7

58.0

58.5

59.1

58.3

2.0

59.4

59.7

60.5

60.8

60.1

1.7

EIA

56.1

56.6

56.5

56.5

56.4

1.3

57.3

57.9

57.8

57.8

57.7

1.3

IEA

75.0

75.9

76.3

76.5

75.9

1.4

Non-OPECSupply*andOPECNGLs

OPEC

75.4

75.5

76.0

76.6

75.9

1.4

77.1

76.9

77.2

77.7

77.2

1.4

EIA

75.3

75.5

75.9

76.1

75.7

0.9

76.0

76.4

76.8

77.2

76.6

0.9

IEA

26.7

26.8

27.3

27.3

27.0

-0.2

CallonOPEC

OPEC

27.9

28.4

28.9

28.7

28.5

0.8

28.1

28.7

29.7

29.3

29.0

0.5

EIA

26.8

26.6

26.8

26.7

26.8

0.5

27.3

27.0

27.2

26.9

27.1

0.3

*Includesbiofuelsandprocessinggains

Source:IEF,IEAOMR,OPECMOMR,EIASTEO

4

2024OutlookComparison

5

Summaryof2024BalancesandRevisions

?Allthreeforecastersrevisedup2024non-OPECsupplyonstrongerUSoutlooks.OPECalsorevisedupitsRussianoutlookby0.2mb/d.

?IEAandEIAalsoreviseduptheirglobaldemandoutlookby0.1-0.2mb/donstrongerUSandEuropeforecasts.

?Despitetheupwardrevisions,demandforecastscontinuetodivergesharply.IEAseesonly1.2mb/dofglobaldemandgrowthnextyearwhileOPECcontinuestosee2.2mb/d.

?EIAcontinuestosee0.5mb/dlessnon-OPECsupplygrowththanIEAandOPECduetoalowerUSandKazakhstanforecast.

2024BalanceSummary

UpdatedForecast

RevisionstoLastMonth'sForecast

1Q24

2Q24

3Q24

4Q24

2024

2024Y/Y

1Q24

2Q24

3Q24

4Q24

2024

2024Y/Y

IEA

101.7

102.7

103.7

103.8

103.0

1.2

0.2

0.3

0.3

-0.2

0.2

0.2

GlobalDemand

OPEC

103.3

103.9

104.9

105.3

104.4

2.2

-0.3

0.3

0.1

-0.1

0.0

0.0

EIA

102.1

102.1

102.8

102.8

102.5

1.4

0.1

0.1

0.1

0.1

0.1

0.0

IEA

45.4

45.5

45.6

45.9

45.6

-0.1

0.1

0.1

0.2

0.0

0.1

0.1

OECDDemand

OPEC

45.6

45.9

46.3

46.2

46.0

0.3

-0.1

0.0

-0.2

0.0

-0.1

0.0

EIA

46.1

45.6

46.2

46.3

46.1

0.1

0.1

0.1

0.1

0.1

0.1

0.1

IEA

56.3

57.3

58.0

57.9

57.4

1.4

0.2

0.2

0.1

-0.2

0.1

0.1

Non-OECDDemand

OPEC

57.7

58.0

58.5

59.1

58.3

2.0

-0.2

0.3

0.3

-0.1

0.1

0.0

EIA

56.1

56.6

56.5

56.5

56.4

1.3

0.0

0.0

0.0

0.0

0.0

0.0

IEA

75.0

75.9

76.3

76.5

75.9

1.4

0.2

0.2

0.2

0.6

0.3

0.2

Non-OPECSupply*andOPECNGLs

OPEC

75.4

75.5

76.0

76.6

75.9

1.4

0.4

0.3

0.3

0.3

0.3

0.0

EIA

75.3

75.5

75.9

76.1

75.7

0.9

0.1

0.2

0.2

0.2

0.1

0.0

OPECCrude**

EIA

26.0

26.8

26.9

26.8

26.6

-0.3

0.0

0.0

0.0

-0.1

0.0

0.0

IEA

26.7

26.8

27.3

27.3

27.0

-0.2

0.0

0.1

0.0

-0.7

-0.1

0.0

CallonOPEC

OPEC

27.9

28.4

28.9

28.7

28.5

0.8

-0.7

0.0

-0.2

-0.4

-0.3

0.0

EIA

26.8

26.6

26.8

26.7

26.8

0.5

0.0

-0.1

-0.1

0.0

0.0

0.0

GlobalStockChangeandMisctoBalance**

EIA

-0.8

0.1

0.1

0.0

-0.1

0.0

0.1

0.1

-0.1

0.0

*Includesbiofuelsandprocessinggains

**OnlyEIApublishesaforecastofOPECcrudeproductionandglobalstockchange

Source:IEF,IEAOMR,OPECMOMR,EIASTEO

6

2.5

2.0

1.5

1.0

0.5

0.0

1.5

1.0

0.5

0.0

-0.5

-1.0

2.5

2.0

1.5

1.0

0.5

0.0

Evolutionof2024AnnualDemandGrowthForecasts

?OPEC’s2024globaldemandgrowthforecastis1.0mb/dhigherthanIEA’sduetoahigherOECD,MiddleEast,andRussianforecasts.

?IEAseesOECDdemanddecliningby0.1mb/dnextyear,whileOPECsees0.3mb/dgrowth.

GlobalDemandGrowth

Evolutionof2024Forecasts

y/ygrowthinmillionbarrelsperday

OPEC

EIA

IEA

Jan-23Apr-23Jul-23Oct-23Jan-24

ForecastVintage

OECDDemandGrowth

Evolutionof2024Forecasts

y/ygrowthinmillionbarrelsperday

IEA

OPEC

EIA

Jan-23Apr-23Jul-23Oct-23Jan-24

ForecastVintage

Non-OECDDemandGrowth

Evolutionof2024Forecasts

y/ygrowthinmillionbarrelsperday

OPEC

EIA

IEA

Jan-23Apr-23Jul-23Oct-23Jan-24

ForecastVintage

Source:IEF,IEAOMR,EIASTEO,OPECMOMR

7

OPECcontinuestoseeconsistentlyhigherdemandlevelsthrough2024,endingtheyearabove105mb/d

2023-24GlobalDemand

demandinmillionbarrelsperday

106

105

104

103

102

101

100

99

1Q232Q233Q234Q231Q242Q243Q244Q24

IEAOPECEIA……IEAprevious…OPECprevious…EIAprevious

Source:IEF,IEAOMR,EIASTEO,OPECMOMR

8

EIA

IEA

OPEC

OPECseesmorerobustdemandgrowththanIEAintheOECD,India,Russia,andtheMiddleEast

2024DemandGrowthForecastsbyRegion

y/ygrowthinmillionbarrelsperday

2.50

2.00

1.50

1.00

0.50

0.00

-0.50

Rangein2024DemandGrowth

Forecasts

Global

TotalNon-OECDTotalOECD

China

OtherNon-OECDOECDAmericasMiddleEast

Russia

OECDEurope

India

OECDAsia

Africa

0.7

0.4

0.4

0.3

0.3

0.3

0.2

0.2

0.1

0.1

0.0

1.0

millionbarrelsperday

9

71.0

70.5

70.0

69.5

69.0

68.5

68.0

Non-OPECsupplyforecastsfor2024aresignificantlymorealignedthan2023estimates

2023-24Non-OPECSupply

supplyinmillionbarrelsperday

71.5

67.5

1Q232Q233Q234Q231Q242Q243Q244Q24

IEAOPECEIA…IEAprevious…OPECprevious…EIAprevious

Source:IEF,IEAOMR,EIASTEO,OPECMOMR

10

1.6

1.4

1.2

1.0

0.8

0.6

0.4

0.2

0.0

1.6

1.4

1.2

1.0

0.8

0.6

0.4

0.2

0.0

1.2

1.0

0.8

0.6

0.4

0.2

0.0

-0.2

-0.4

Evolutionof2024AnnualNon-OPECSupplyGrowthForecasts

?EIAcontinuestoseelowernon-OPECsupplygrowththanIEAandOPECduetoaweakerUS,Canada,Norway,andKazakhstanoutlook.

?IEAhasrevisedupUSsupplygrowthby0.3mb/doverthepasttwomonths.

Non-OPECSupplyGrowth

Evolutionof2024Forecasts

y/ygrowthinmillionbarrelsperday

OPEC

EIA

IEA

Jan-23Apr-23Jul-23Oct-23Jan-24

ForecastVintage

USSupplyGrowth

Evolutionof2024Forecasts

y/ygrowthinmillionbarrelsperday

OPEC

EIA

IEA

Jan-23Apr-23Jul-23Oct-23Jan-24

ForecastVintage

RussiaSupplyGrowth

Evolutionof2024Forecasts

y/ygrowthinmillionbarrelsperday

I

EA

OPEC

EIA

Jan-23Apr-23Jul-23Oct-23Jan-24

ForecastVintage

Source:IEF,IEAOMR,EIASTEO,OPECMOMR

11

IEA

OPEC

EIA

EIAseestheweakestnon-OPECsupplygrowthlargelyduetoalowerUS,Canada,Norway,andKazakhstanforecast

2024SupplyGrowthForecastsbyRegion

y/ygrowthinmillionbarrelsperday

1.6

1.4

1.2

1.0

0.8

0.6

0.4

0.2

0.0

-0.2

Rangein2024SupplyGrowthForecasts

0.5

0.4

0.3

TotalNon-OPEC

TotalOECD

0.10.10.1

0.1

US

Norway

Brazil

Russia

Canada

0.1

0.10.10.1

0.1

0.0

TotalNon-OECD

Kazakhstan

OPECNGLs

OtherOECD

OtherNon-OECD

China

millionbarrelsperday

Source:IEF,IEAOMR,EIASTEO,OPECMOMR

12

OPECseesamuchhigher“callonOPEC”vs.IEAandEIAduetoamorerobustdemandoutlook

2024CallonOPECandRecentOPECProductionLevels

millionbarrelsperday

29.5

29.0

28.5

28.0

27.5

27.0

26.5

26.0

25.5

25.0

1Q24

IEA

2Q243Q244Q242024Avg

OPECEIADecember2023OPECproduction

?The“callonOPECcrude”isacalculationandnota

forecastofactualOPECproduction.

?The“callonOPEC”

estimateswhatOPECwouldneedtoproducetobalanceglobalsupplyanddemand.

?Itisestimatedbysubtractingaforecastfornon-OPEC

productionandOPECNGLsfromglobaldemand.

Source:IEF,IEAOMR,EIASTEO,OPECMOMR

13

2025OutlookComparison

14

OPECcontinuestoseeconsistentlyhigherdemandlevelsthroughnextyear,ending2025at107mb/d

2023-25GlobalDemand

demandinmillionbarrelsperday

108

107

106

105

104

103

102

101

100

99

1Q232Q233Q234Q231Q242Q243Q244Q241Q252Q253Q254Q25

OPECEIA

Source:IEF,IEAOMR,EIASTEO,OPECMOMR

15

2.0

1.5

1.0

0.5

0.0

-0.5

China,India,MiddleEast,Africa,andothernon-OECDareexpectedtodrivedemandgrowthnextyear

2025DemandGrowthForecastsbyRegion

y/ygrowthinmillionbarrelsperday

OPEC

EIA

Source:IEF,EIASTEO,OPECMOMR

Rangein2025DemandGrowth

Forecasts

GlobalTotalNon-OECDOtherNon-OECD

TotalOECD

China MiddleEastOECDAmericasOECDEurope

India

Russia

OECDAsia

Africa

0.5

0.2

0.2

0.2

0.1

0.1

0.0

0.0

0.0

0.0

0.0

0.6

millionbarrelsperday

16

Non-OPECsupplyforecastsfor2025aresurprisinglymorealignedthan2023historicestimates

2023-25Non-OPECSupply

supplyinmillionbarrelsperday

73

72

71

70

69

68

67

66

1Q232Q233Q234Q231Q242Q243Q244Q241Q252Q253Q254Q25

OPECEIA

Source:IEF,IEAOMR,EIASTEO,OPECMOMR

17

1.40

1.20

1.00

0.80

0.60

0.40

0.20

0.00

-0.20

TheUSaccountsfor>40%of2025non-OPECsupplygrowthforecasts

2025SupplyGrowthForecastsbyRegion

y/ygrowthinmillionbarrelsperday

OPEC

EIA

Rangein2025SupplyGrowth

Forecasts

TotalNon-OPEC

TotalOECD

US OPECNGLs OtherOECDOtherNon-OECD

Brazil

Russia

Norway

KazakhstanTotalNon-OECD

Canada

China

0.30.3

0.2

0.2

0.1

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

millionbarrelsperday

Source:IEF,EIASTEO,OPECMOMR

18

OPECseesamuchhigher“callonOPEC”vs.EIAduetoamorerobustdemandoutlookandatighterbaseline

2025CallonOPECandRecentOPECProductionLevels

millionbarrelsperday

30.029.529.028.528.027.527.026.526.025.525.0

1Q252Q253Q254Q252025Avg

OPECEIADecember2023OPECproduction

?The“callonOPECcrude”isacalculationandnota

forecastofactualOPECproduction.

?The“callonOPEC”

estimateswhatOPECwouldneedtoproducetobalanceglobalsupplyanddemand.

?Itisestimatedbysubtractingaforecastfornon-OPEC

productionandOPECNGLsfromglobaldemand.

Source:IEF,EIASTEO,OPECMOMR

19

Appendix

20

2023OutlookComparison

21

Summaryof2023BalancesandRevisions

?Allthreeforecastersrevisedup4Q23non-OPECsupplysignificantlyonstrongerUS,Brazil,andRussiansupply.

?Annualdemandgrowthestimatesstilldivergeby0.6mb/dwithOPECseeingthestrongestgrowthandEIAtheweakest.

?Theestimateoftheannualstockchangedivergesby1.3mb/d.1Q23estimatesarethemostaligned,butstilldifferby0.9mb/d.

2023BalanceSummary

UpdatedForecast

RevisionstoLastMonth'sForecast

1Q23

2Q23

3Q23

4Q23

20232023Y/Y

1Q23

2Q23

3Q23

4Q23

2023

2023Y/Y

IEA

100.2

101.8

102.9

102.0

101.7

2.3

0.0

0.1

0.0

-0.2

0.0

0.0

GlobalDemand

OPEC

101.3

101.8

102.2

103.2

102.1

2.5

-0.3

0.3

0.1

-0.1

0.0

0.0

EIA

100.0

100.9

101.5

101.8

101.1

1.9

0.0

0.0

0.0

0.2

0.1

0.1

IEA

45.4

45.7

46.0

45.9

45.7

0.1

0.0

0.0

0.0

-0.1

0.0

0.0

OECDDemand

OPEC

45.4

45.7

46.0

46.0

45.8

0.1

-0.1

0.0

-0.2

0.0

-0.1

0.0

EIA

45.3

45.7

46.2

46.5

45.9

0.3

0.0

0.0

0.0

0.2

0.0

0.0

IEA

54.9

56.1

56.8

56.1

56.0

2.2

0.0

0.1

0.0

-0.1

0.0

0.0

Non-OECDDemand

OPEC

55.9

56.1

56.2

57.2

56.3

2.4

-0.2

0.3

0.3

-0.1

0.1

0.0

EIA

54.7

55.2

55.3

55.3

55.1

1.7

0.0

0.0

0.0

0.0

0.0

0.0

IEA

73.5

74.0

75.1

75.5

74.5

2.4

0.0

0.0

0.0

0.6

0.1

0.2

Non-OPECSupply*andOPECNGLs

OPEC

74.2

74.2

74.9

74.6

74.5

2.1

0.0

0.0

0.0

1.3

0.3

0.3

EIA

73.7

74.3

75.4

75.9

74.8

2.4

0.0

0.1

0.1

0.3

0.1

0.1

IEA

28.3

27.8

26.9

27.0

27.5

-0.5

0.0

0.0

0.0

OPECCrude**

OPEC

27.8

27.2

26.4

26.7

27.0

-0.7

0.0

0.0

0.0

EIA

27.4

27.2

26.4

26.6

26.9

-0.6

0.0

0.0

0.0

0.0

0.0

0.0

IEA

26.7

27.8

27.8

26.5

27.2

-0.1

0.1

0.1

0.0

-0.8

-0.2

-0.2

CallonOPEC

OPEC

27.1

27.6

27.4

28.6

27.6

0.3

-0.3

0.3

0.1

-1.4

-0.3

-0.3

EIA

26.3

26.6

26.2

25.9

26.2

-0.4

0.0

0.0

0.0

-0.1

0.0

0.0

GlobalStockChangeand

IEA

1.6

0.0

-0.9

0.6

0.3

-0.1

-0.2

-0.1

Miscellaneousto

OPEC

0.7

-0.4

-0.9

-1.9

-0.6

0.2

-0.3

-0.1

Balance**

EIA

1.1

0.6

0.2

0.7

0.7

0.0

0.0

0.1

0.1

0.0

*Includesbiofuelsandprocessinggains

**OnlyEIApublishesaforecastofOPECcrudeproductionandglobalstockchange

Source:IEF,IEAOMR,OPECMOMR,EIASTEO

22

2.752.502.252.001.751.501.251.000.750.500.250.00

-0.25

ChinaTotalNon-OECD

Global

MiddleEast TotalOECDOtherNon-OECDOECDAmericas

Africa

RussiaOECDEurope

India

OECDAsia

0.9

Chinadrivesthelargestdemandgrowthforecast

divergencewithIEAseeing1mb/dhighergrowthvs.EIA

Region

2023DemandGrowthForecastsby

y/ygrowthinmillionbarrelsperday

IE

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