Abstract:
In the first half of 2023, the spillover effect caused by the Russia-Ukraine conflict will continue to affect the world oil and gas supply and demand pattern. In the post pandemic era, developed economies experienced sluggish growth, and the global economy faced multiple downward risks. The economic recovery of emerging economies boosted oil and gas demand. The OPEC+ countries led by Saudi Arabia continue to implement a strategy of limited production and price protection. Dynamic equilibrium of oil and gas supply and demand. Under the superposition of multiple positive and negative factors, the international oil price fluctuated between the middle and high levels, the tight situation of natural gas supply was alleviated, and the gas price fell sharply. China’s economic development has recovered well, with a rapid increase in demand for oil and gas. Domestic oil and gas exploration and development efforts continue to increase, mining management reform is steadily advancing, investment in oil and gas exploration and extraction has increased significantly, breakthroughs have been made in oil and gas exploration, crude oil production continues to steadily increase, and natural gas production maintains a rapid growth. It is estimated that in 2023, the domestic crude oil production will be about 208 million tons, and the natural gas (including shale gas and coalbed methane) production is expected to reach 230 billion m
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