On January 13, CNPC economic and Technological Research Institute held a press conference on the development report of domestic and foreign oil and gas industries in 2019 in Beijing. According to the report, China's crude oil production has reversed its downward trend for several consecutive years, reaching 191 million tons in 2019, with a growth rate of 1.1%; with the rise of private enterprises and the entry of foreign capital, the excess refining energy is becoming more and more serious and has the potential to expand to the low-end downstream of refining and chemical integration.
The supply and demand of the world oil market are in a difficult balance. The trade frictions between the United States, China, Europe and other major economies are increasing, and geopolitical risks are increasing, which have an important impact on the trend of international oil prices. The report predicts that in 2020, the global economic trend will remain weak, and the international oil price will maintain a volatile trend. The average Brent crude oil price range is 60-65 USD / barrel. For the unstable global macroeconomic and political situation, especially the trade disputes between the United States and major economies, and the greater uncertainty of the geopolitical situation in the Middle East, it is also possible that the average annual level of international oil prices will fall below 50 US dollars per barrel or rise above 75 US dollars per barrel.
Li Jianqing, President of the economic and Technological Research Institute of CNPC, said that the world is undergoing a major change that hasn't been seen in a century. The game between big powers is intensifying, protectionism continues to spread, hegemonism prevails, and the international political and economic situation is becoming more complex. The development risk of the world's oil and gas industry is increasing, and the uncertainty factors are increasing, but opportunities and challenges coexist, and the oil and gas industry will still move forward in the storm.