On January 21, the China National Petroleum Corporation Economics and Technology Research Institute (CNPC ETRI), a leading think tank in China, released its 17th annual report on the development of the global oil and gas industry. The report, Oil and Gas Industry Development: 2024 Review and Outlook, highlights the complex yet resilient global energy landscape.

　　It has a special focus on international cooperation and the green transformation of the energy sector, outlining the future trends that will shape the global oil and gas market.

　　Under the theme "Seeking Energy Balance Amid Stability and Change," the research team shares key insights into the evolution of the industry, predicting that 2025 would usher in a new phase of "seeking stability amid change." As technological innovations redefine global energy strategies, China's role in securing energy stability and advancing sustainable practices remains pivotal.

　　In 2024, China's energy consumption increased by four percent, while global primary energy consumption grew by 1.9 percent. The transition towards cleaner energy is accelerating. China's green energy transformation continues to lead the world.

　　One of the most significant aspects of the report is its analysis of global oil prices, which saw a slight decline in 2024. The development of alternative energy sources, including electric vehicles and LNG-powered trucks, contributed to a 1.7 percent reduction in refined oil consumption. This shift is indicative of the broader trend toward green technologies, which will continue to redefine global energy consumption patterns.

　　A highlight of the event was the introduction of the Energy Data Handbook, a comprehensive compilation of energy statistics developed by CNPC ETRI, a valuable resource for governments, businesses, and researchers seeking to understand the evolving dynamics of global energy markets. The handbook provides a detailed and forward-looking analysis of global and Chinese energy consumption, production, trade, prices, and transitions from 2000 to 2024.

　　The report also reflects on China's efforts to build strategic partnerships in line with its commitment to international collaboration. The country's oil and gas companies have made significant strides in overseas cooperation, introducing innovative collaboration models that combine large-scale projects with more agile, smaller initiatives.

　　Qian Xingkun, executive director of the CNPC ETRI, expressed the hope that the reports would provide valuable insights for policymakers in making informed decisions, assist energy companies in their strategic planning, help investors understand industry trends, and offer research institutions a solid foundation for further studies.

　　This article was edited based on the original version by the CNPC ETRI.