China's influence in the oil market will increase.

The latest annual "Report on the Development of the Domestic and International Oil and Gas Industry", compiled and published by the China National Petroleum Corporation Economic and Technological Research Institute, was recently released. The report points out that the global oil and gas industry has entered a new adjustment period, the loose supply and demand situation in the world oil market is difficult to change, and international oil prices have stabilized at a low level. It is expected that the trend of international oil prices in 2015 will be low in the first half and high in the second half, with the overall level significantly lower than in 2014. The annual average price of West Texas Intermediate crude oil will be between US\$55 and US\$65 per barrel, and the annual average price of Brent crude oil will be between US\$60 and US\$70 per barrel. Experts have analyzed that 2014 was a year of great shocks, adjustments, and turning points for the oil and gas industry. The global oil and gas market structure is being reshaped, the unconventional oil and gas revolution has led to a reversal of the supply and demand pattern, international oil prices have fallen sharply, and the world oil and gas industry has reached a turning point in a new cycle. At the same time, China's oil consumption growth rate has shifted gears, natural gas development has not met expectations, industry reforms and market-oriented processes have accelerated, and the Chinese oil and gas market is facing a major turning point. The report predicts that the world's oil supply, demand, and trade patterns will undergo new changes in 2015. From the supply pattern, the sharp drop in international oil prices has led oil companies to cut investment, and the inhibitory effect on oil production will gradually become apparent. The first to be affected will be new investments in high-cost unconventional production capacity such as shale oil, oil sands, and heavy oil. Low-cost production capacity in the Middle East will gain more market share, and the potential for production growth will be large. From the demand side, the accelerated recovery of the world economy and the maintenance of low international oil prices will stimulate oil demand. From the trade pattern, the Asia-Pacific region will continue to lead the world's oil demand growth. As the competition for market share among oil-producing countries intensifies, China, as the main source of world oil demand growth, will become a target of competition, and the strategic buyer status of Asian countries will be enhanced, and China's influence and voice in the international oil market will increase.

Publish time：

2020-10-16

　　The latest annual "Report on the Development of the Domestic and International Oil and Gas Industry," compiled and published by the China National Petroleum Corporation Economic and Technological Research Institute, was recently released. The report points out that the global oil and gas industry has entered a new adjustment period, the loose supply and demand situation in the world oil market is difficult to change, international oil prices have stabilized at a low level, and the international oil price trend in 2015 is expected to be low in the beginning and high later, with the overall level significantly lower than in 2014. The annual average price of West Texas Intermediate crude oil will be between US\$55 and US\$65 per barrel, and the annual average price of Brent crude oil will be between US\$60 and US\$70 per barrel.
　　Experts pointed out that 2014 was a year of great shocks, adjustments, and turning points for the oil and gas industry. The global oil and gas market structure is being reshaped, the unconventional oil and gas revolution has led to a reversal of the supply and demand pattern, international oil prices have fallen sharply, and the world oil and gas industry has reached a turning point in a new cycle. At the same time, China's oil consumption growth rate has shifted gears, natural gas development has not met expectations, industry reforms and market-oriented processes have accelerated, and the Chinese oil and gas market faces a major turning point.
　　The report predicts that the world's oil supply, demand, and trade patterns will undergo new changes in 2015. From the supply pattern, the sharp drop in international oil prices has led oil companies to cut investment, and the inhibitory effect on oil production will gradually become apparent. The first to be affected will be new investments in high-cost unconventional production capacity such as shale oil, oil sands, and heavy oil. Low-cost production capacity in the Middle East will gain more market share, and the potential for production growth is considerable. From the demand side, the accelerated recovery of the world economy and the maintenance of low international oil prices will stimulate oil demand. From the trade pattern, the Asia-Pacific region will continue to lead the world's oil demand growth. As the main source of world oil demand growth, China will become a target for competition as the market share of oil-producing countries intensifies. The strategic buyer status of Asian countries will be enhanced, and China's influence and voice in the international oil market will increase.

Keywords：

Petroleum,Compilation

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