The "2021 Domestic and Foreign Oil and Gas Industry Development Report" was released

On April 12, the "2021 Domestic and Foreign Oil and Gas Industry Development Report" (hereinafter referred to as the "Industry Report") compiled by the National High-end Think Tank, the Economic and Technological Research Institute of China National Petroleum Corporation, was officially released
in Beijing.

The "Industry Report" pointed out that the main tone of the development of the oil and gas industry at home and abroad in 2021 is recovery and transformation, and this main tone will continue
in 2022.

The "Industry Report" shows that internationally, in 2021, the oil market has recovered significantly, and the average price of Brent crude oil has risen sharply to $70.
95 / barrel, an increase of 64.
18%; During the same period, the prices of the three major global natural gas markets soared, with gas prices in Europe, Asia and the United States increasing by 397%, 280% and 93%
respectively.
Domestically, in 2021, the apparent consumption of oil showed a negative growth rarely seen in recent years, and the dependence of oil on foreign countries fell to 72.
2%; In the same period, natural gas consumption increased by 12%, and external dependence rose to 46%.

In 2021, domestic investment in oil and gas exploration and development will be increased, achieving a sustained double increase in oil and gas production reserves, with crude oil production increasing by more than 2% to 199 million tons; natural gas production exceeding 200 billion cubic meters for
the first time.
In addition, domestic refining and ethylene production capacity have achieved rapid growth
.

The "Industry Report" predicts that in 2022, affected by the intensification of geopolitical conflicts and the rise of market panic, international oil prices will fluctuate at a high level, and the possibility of short-term oil prices exceeding the highest level in history is not ruled out; Affected by Russian-Ukrainian relations, it is expected that Russian gas will be blocked from entering Europe, and there is a high probability that it will flow east to Asia, and the US LNG will fill the gap in Europe, thereby changing the direction of global trade flows, and Eurasian gas prices will continue to grow sharply
.
On the domestic side, it is expected that the growth of domestic oil consumption will turn from negative to positive in 2022, and the external dependence will resume growth again, while the growth rate of natural gas consumption will slow down
.
In 2022, domestic oil and gas exploration and development, oil refining capacity will continue to accelerate the development trend, China will become the world's largest oil refining and ethylene producer, but excess refining capacity will restrict the effective development of
China's refining and chemical industry.