The Economic and Technology Research Institute of China National Petroleum Corporation (CNPC) released its 2024 Domestic and Global Oil and Gas Industry Development Report in Beijing on January 21.
Source: China News Service
The Economic and Technology Research Institute of China National Petroleum Corporation (CNPC) released its 2024 Domestic and Global Oil and Gas Industry Development Report in Beijing on January 21. The report highlights that in 2024, the oil and gas industry demonstrated "stability amid change," with the global economy showing resilience despite complex challenges. By 2025, the industry is expected to enter a new phase, transitioning to "seeking stability amid change."
Global primary energy consumption in 2024 is projected to grow by 1.9% year-on-year, with China’s energy consumption rising by 4%. As the world’s largest energy producer and consumer, China continues to shape global energy dynamics. The energy sector is stabilizing in terms of overall consumption while accelerating trends in cleaner energy structures, electrification of end-use sectors, scaling up emerging technologies, and deeper integration of multi-energy systems.
China’s crude oil imports in 2024 are expected to reach 553 million tons, a year-on-year decline of 1.9%, reducing the country’s reliance on foreign oil to 71.9%, a 0.5 percentage point decrease. Apparent oil consumption is projected at 756 million tons, with refined oil product consumption decreasing by 1.7% to 390 million tons. This decline is driven by the rapid adoption of new energy vehicles (NEVs) and the accelerated use of LNG-powered heavy trucks. The average refinery utilization rate is expected to be 75%, reflecting a proactive reduction of 3.9 percentage points year-on-year as the industry shifts its focus from fuel production to chemicals. Competition in the end-user market is intensifying, with the number of charging stations nationwide expected to rise by 34% year-on-year to 220,000, while public charging piles are forecasted to increase by 26% to 3.5 million units.
Looking ahead, China’s oil consumption is nearing its peak. The domestic oil and petrochemical markets are undergoing transformation, with refined oil demand declining while demand for chemical feedstock increases. On the international front, natural gas prices, which have fallen for two consecutive years, are expected to rebound in 2025. This recovery will be driven by Europe’s increased imports of LNG to replace other gas sources, contributing to a rise in global gas prices.