The China Petroleum Enterprises Association and China Oil and Gas Industry Development Research Center released the "2016 China Oil and Gas Industry Development Analysis and Outlook Report Blue Book" on March 21, stating that the oversupply of global oil in 2016 will cause the overall international oil price to continue to be sluggish. For stable growth. At the same time, China's total oil refining capacity reached 503 million tons per year at the end of 2015, becoming the world's second largest oil refining country after the United States.
The China Petroleum Enterprises Association pointed out that oil prices continue to be sluggish, and investment in oil and gas exploration and development in the next few years is likely to be lower than the average level in the first ten years of 2015. In 2015, the proven global oil and gas reserves remained basically stable, and the oil reserves of the OPEC countries also basically remained at 12206 billion barrels in 2014, accounting for 73% of global oil reserves.
The "Blue Book" pointed out that looking forward to 2016, the global economic recovery situation is still uncertain. The stability of OPEC member countries' oil supply and the US shale gas revolution will further lead to excess crude oil supply. Oversupply of global oil will cause the overall international oil price to remain low in 2016.
From the perspective of the Chinese market, the apparent annual consumption of crude oil in 2015 was 518 million tons, an increase of 5.8% year-on-year; the apparent consumption of natural gas was 185.5 billion cubic meters, an increase of 2.9% year-on-year. At the same time, the growth rate of China ’s crude oil and natural gas production has also slowed down, with a total of 213 million tons of crude oil produced throughout the year, an increase of 1.8% year-on-year, and natural gas output of approximately 135 billion cubic meters, an increase of approximately 5.6%.
"In 2016, the supply and demand of China's refined oil market tended to grow steadily." Peng Yuanzheng pointed out that crude oil imports are expected to grow steadily, and crude oil prices may rebound slightly; refined oil supply and demand tended to grow steadily, new energy continued to develop, and traditional gasoline and diesel market share continued Occupied; natural gas consumption growth has slowed, production and imports have increased steadily, and natural gas prices may decline.
In 2015, China's oil and gas overseas cooperation highlights frequently. "Going global" of Chinese oil and gas companies has become a strategic move to meet the challenges of the international oil market. As of the end of December 2015, China's overseas oil and gas business has added 58.9% of its annual recoverable crude oil reserves; its oil and gas equivalent equity production has reached 37.353 million tons. At the same time, Chinese oil companies have formulated the “implementation plan for comprehensive open source, cost-saving, cost-effectiveness and efficiency-enhancing work” in overseas oil and gas businesses. The overall cost target has been lowered.