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New changes in the global oil and gas market in the next 5 years

New changes in the global oil and gas market in the next 5 years

(Summary description) From March 11th to 15th, local time, the 38th Cambridge Energy Week (CERAWeek) hosted by IHS Markit was held in Houston, USA. Energy Week attracted more than 4,500 energy practitioners from more than

New changes in the global oil and gas market in the next 5 years

(Summary description) From March 11th to 15th, local time, the 38th Cambridge Energy Week (CERAWeek) hosted by IHS Markit was held in Houston, USA. Energy Week attracted more than 4,500 energy practitioners from more than

Information

  From March 11th to 15th, local time, the 38th Cambridge Energy Week (CERAWeek) hosted by IHS Markit was held in Houston, USA. Energy Week attracted more than 4,500 energy practitioners from more than 70 countries, including government agencies, non-governmental organizations, energy companies, research institutions, and university think tanks.

 

  The theme of this energy week is "New Competitive World: Reshaping the Future of Energy". In 5 days, more than 800 speakers were invited to share their geographical position through more than 400 forums, dialogues and brunch meetings. Research results in politics, trade costs, oil price fluctuations, environmental protection, and new energy development. This session of Energy Week has set up a special session in China focusing on China's energy development to explore the development trend of PetroChina's internationalization and energy transition. The “Leadership Dialogue” of Energy Week invited leaders from world-renowned companies such as Chevron, Abu Dhabi National Petroleum Corporation, Russia ’s Lukoil, Brazil ’s Petrobras to conduct one-on-one dialogues, demonstrating that different companies are meeting energy challenges Aspects of practice. One of the highlights of this Energy Week is the "Ministerial Dialogue" session. During this dialogue session, more than 35 ministers and government representatives discussed in depth the challenges facing the energy development of their respective countries and regions and the guests participating in the meeting. Energy Week also provided an interactive display platform for technology innovation projects in the industry-AGORA. The projects participating in the show are cutting-edge and even disruptive technologies, including driverless, carbon intensity control, electric vehicles, hydrogen energy technologies, etc. Many of these non-traditional energy companies, such as Amazon and Microsoft, participated in the project display.

 

  On March 11, local time, at the first press conference of the 38th Cambridge Energy Week CERAWeek, the Director of the International Energy Agency Fatih Birol released the "Analysis and Forecast of the Crude Oil Market in the Next 5 Years" "Report", looking forward to the development of the global oil and gas industry in the next 5 years.

 

  Global oil supply diversification

 

  The report states that US shale oil production is growing strongly. In the next five years, US crude oil production capacity will account for 70% of global crude oil production capacity. It is expected that by the end of 2024, US oil exports will increase to 9 million barrels per day, and the scale of exports will approach Saudi Arabia. Natural gas production will account for 75% of new global natural gas production. The United States is about to usher in the second wave of the shale revolution, which will further affect the overall pattern of the international oil and gas industry and accelerate the process of global oil supply diversification.

 

  Crude oil demand will not cap in 5 years

 

  In the next 5 years, global oil demand will not be capped and will maintain a relatively modest annual growth.

 

  By 2024, the global demand for crude oil will increase by 7.1 million barrels per day. The main sources of growth are Asia and the United States. Despite signs of a slowdown in the global economy, Asia ’s energy demand remains strong in the next five years, and China remains an important energy consumer.

 

  The IEA also reminded that by 2024, India's demand for crude oil will be comparable to China's.

 

  Electric cars will curb growth in gasoline demand

 

  With the rapid development of electric vehicle technology, gasoline demand is less than ever, and aviation fuel will become the main driving force for demand growth. In the next 5 years, the production of electric vehicles will show rapid growth, posing a challenge to traditional cars.

 

  Industry rules are redefined

 

  In the next 5 years, the world's attention to the sustainable development of oil and gas will not decrease. On the other hand, the International Maritime Organization (IMO) will amend the International Convention for the Prevention of Pollution from Ships, which requires that "the maximum sulfur content of marine fuel oil used by ocean-going ships must be reduced from 3.5% to 0.5%". The newly revised convention is scheduled to enter into force on January 1, 2020. This means that the global refining and transportation links must be updated on a large scale, and various rules will be re-determined.

 

  Geopolitical factors have never been taken so seriously

 

  Geopolitical factors are having a profound impact on global energy markets. Many politically turbulent regions are just important resource countries, and regional instability will accelerate the volatility of oil and gas prices.

 

  Environmental protection issues will be a major challenge

 

  Enterprises should strengthen investment in technological innovation, improve production links, reduce harmful gas emissions, and increase the use of clean and new energy sources such as solar and wind energy.

 

  A number of Chinese representatives expounded their views on the above issues, and used Chinese perspectives, Chinese practices, and Chinese voices to respond to world concerns. (From China Energy Network)

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