A report issued by the Economics and Technology Research Institute (ETRI) of the China National Petroleum Corporation reveals radical transformations in the oil and gas industry, with investment in clean energy accelerating and the share of fossil fuels in the global energy mix declining.

According to the report, the growth in investment in clean energy indicates that the share of clean energy in the global energy mix will rise for the first time to above 20% in 2023, with the share of fossil fuels declining to less than 80%.

The report expects China's consumption of refined oil to reach its peak in 2024, as the country's energy transition continues to advance. The sustainable recovery of the Chinese economy is expected to support the growth of demand for oil and gas in the country during the coming period.

For his part, Chen Xinrong, President of the China National Petroleum Corporation Middle East, stressed during the report’s launch ceremony, the importance of its global launch from Dubai, explaining that the report “has become a reference report in the energy industry,” and that its launch “enhances international exchanges and cooperation in the energy industry.” Energy, building a community of common interests in energy cooperation, and enhancing the flexibility of the energy supply system.”

The Economics and Technology Research Institute (ETRI) report provides a valuable analysis of the ongoing changes in the oil and gas industry, contributes to drawing a clear picture of the future of this sector, and also provides recommendations to investors and decision-makers on how to take advantage of cooperation opportunities in the field of energy.

The launch of the Economics and Technology Research Institute (ETRI) report from Dubai represents an important event that highlights the ongoing transformations in the oil and gas industry and provides insights into the future path of energy.