Analysis and Outlook of China's Oil and Gas Industry Series of Blue Books Released

On 18 April, the Blue Book on Analysis and Prospects of China's Oil and Gas Industry Development (2023-2024), the Blue Book on China's Low-Carbon Economy Development (2023-2024), the Blue Book on Oil Products and New Energy Development (2023-2024), and the Blue Book on China's Natural Gas Industry Annual Operation Report (2023-2024) were released in Beijing.

 

 

    The Blue Book was jointly compiled by China Petroleum Enterprise Association, China International Carbon Neutral Economy Research Institute of the University of International Business and Economics (UIBE), Energy Trade and Development Research Centre of the University of International Business and Economics (UIBE), School of Economics and Management of China University of Petroleum (Beijing), and China Energy Index Research Centre of Southwest Petroleum University (SWPU).

 

 

    The blue paper shows that, in the face of multiple domestic and foreign factors beyond the expected impact, China's oil and gas enterprises to protect the national energy security as its own responsibility, to promote the increase in reserves and production, for the economic recovery to provide an important impetus to the good. 2023, the domestic crude oil production of 208 million tonnes, the sixth consecutive year of growth; natural gas production of 230 billion cubic metres, for seven consecutive years to increase production of more than 10 billion cubic metres. Oil consumption grew rapidly, reaching 756 million tonnes, an increase of 11.5% over the previous year, setting a record; refined oil consumption reached 399 million tonnes, an increase of 9.5% over the previous year, close to the level before the 2019 epidemic. Natural gas consumption for the year was 391.7 billion cubic metres, up 6.6 per cent from the previous year.