Domestic and international oil & gas resources situation analysis and outlook in 2022

In 2022, the global economy experienced a series of turbulence and faced severe challenges.The protracted Russian-Ukraine conflict and the COVID-19 epidemic have seriously affected the global economic prospects, leading to the slow growth and severe inflation in the global economy.Global oil and gas demand has gradually recovered with general balance between supply and demand.Influenced by multiple factors such as the upgrading of Russian-Ukraine conflict, strong global demand, and low inventory, the international oil prices have risen sharply.The crude oil price exceeded 100 per barrel after 8 years, and on March 8^th, 2022, the price of Brent crude oil once exceeded 130 per barrel.While the price of crude oil fluctuated at a medium-high level, the natural gas has continued to create the highest historical price.The international oil trade situation has been reshaped structurally.The China's economy continues to recover.The oil companies in China overcame complex difficulties such as the frequently-occurring COVID-19 epidemic all around the country, and continue to increase exploration and development.The investment for survey and mining in China has increased rapidly, with many important discoveries in oil and gas obtained, leading to an increasing momentum in oil and gas production.It is predicted that global oil prices will fluctuate at a high level between 92 to 104 per barrel in 2023.In 2023, the oil production is expected to exceed 205 million tons, and the production of natural gas (including shale gas and coal bed gas) is expected to reach 225 billion m³.