Analysis of domestic and international oil and gas resources situation in 2023 and outlook

In 2023, the world entered a post pandemic era, with the economy gradually recovering but still weak, developed economies slowing down in growth, and emerging economies showing significant signs of recovery. The Russia-Ukraine conflict has not been settled, and the conflict between Palestine and Israel has resumed. The combination of multiple factors such as geopolitical, financial turmoil, decoupling and disconnection, oil production reduction, and energy transformation has brought uncertainty to the world economic growth and oil and gas supply and demand situation. The global demand for oil has grown significantly, but it is not enough to absorb the continuously increasing supply from non OPEC oil producing countries such as the United States. International oil prices are constantly under pressure, showing a trend of fluctuating ranges in the first half of the year and rising and falling in the second half. Brent’s international crude oil spot price rebounded from its annual increase after reaching a high point at the end of September. European natural gas consuming countries are simultaneously expanding their sources and reducing costs, easing regional supply-demand conflicts and causing a significant drop in natural gas prices. China’s economy has shown strong resilience, continuously rebounding and improving, with a significant increase in oil and gas demand. The oil and gas resources management department and oil enterprises have continued to increase their efforts in oil and gas exploration and development, striving to secure the energy security, and continuously promoting oil and gas exploration strategies. Oil and gas have made multiple important discoveries in major large and medium-sized basins and four new fields, with oil production reaching 209 million tons, continuously maintaining at the level of 200 million tons, and natural gas production reaching nearly 230 billion cubic meters, providing basic guarantees for China’s energy supply security and green and low-carbon transformation.