Global oil and gas industry in 2023 and outlook for 2024
In 2023,the global energy pattern profoundly adjusted,and green low-carbon transition steadily facilitated.International oil prices fluctuated and fell,and natural gas prices fell back from a high level.Investment in oil and gas exploration and development maintained growth,and oil and gas production continued to double.Refining and ethylene production capacity continued to grow,and its gross margins declined in genera.Big oil companies re-enforced the upstream of oil and gas,and emphasized both carbon reduction and profitability.The consensus on carbon emission reduction further unified,and the influence of the carbon market continued to increase.China's oil and gas industry is based on safe and clean development,the energy industry policy system has accelerated its improvement.The construction of a new type of energy system has been boosted orderly.The consumption of refined oil products and natural gas has recovered,and the"one network in the whole country"has been accelerated its perfection.Oil and gas production and reserves have maintained their growth,and"deep water,deep land,and unconventional resources"have become the main areas for increasing reserves and production.Refining capacity continued to grow slightly,and the production capacity of bulk petrochemical products showed an expanding trend.The pace of carbon market construction accelerated,and so on.It is expected that the international oil market fundamentals from tight balance to oversupply,the natural gas market will continue to keep the fragile balance,geopolitical tensions and its spillover effects will continue to promote oil and gas prices fluctuate significantly.Energy transition will be more rational and pragmatic,construction of energy resilience systems based on the development of safety and efficiency has gradually become a consensus.The domestic economy is picking up momentum,which will further drive the energy industry to rebound.Deepening the reform of the energy system and mechanism,accelerating the construction of a new type of energy system,and guaranteeing the security and stability of energy supply are still important tasks of the energy industry in 2024.
oil and gas industryproductionconsumptionpricerefining capacityenergy transitionlow carbon