Abstract: In 2017, the global oil price fluctuated higher and the supply and demand in the oil and gas market achieved rebalance.Global oil and gas exploration and exploitation rebounded while reserves and output remained stable.Major oil producing countries actively adjusted their oil and gas administration policies.China's crude oil output declined slightly, while natural gas output increased rapidly.Crude oil and natural gas imports grew rapidly, with development and reform of oil and gas resources exploration and exploitation proceeding in order.It is estimated that the international crude oil price will rise in 2018, and the demand for oil and gas will still be strong.China's oil and gas production will be basically stable, and natural gas consumption will continue to grow.