IEA Global Oil Market Report 2021

International Energy Agency (IEA), Institute of Energy of Peking University (IEPKU), US-China Energy Cooperation Program (ECP) , and Kylin Academy successfully released the IEA Global Oil Market Report 2021 in Beijing and Paris, sharing the latest data, forecast and analysis of global oil market, as well as providing forecast for the global oil market in the next five years.

The conference is strongly supported by China's National Energy Administration (NEA) and the US Embassy in China. Mr. Keisuke Sadamori, Director of Energy Markets and Security of IEA, delivered an opening speech from Paris. Mr. Jianwu Hu, Deputy Director General of Oil and Gas Department of NEA, and Mr. Henry Hand, Acting Deputy Chief of Mission of U.S. Embassy, gave remarks in Beijing. Although affected by the epidemic and constrained by the requirements of epidemic prevention, we were able to organize the Beijing offline attendance of 100 participants and the accumulated number of online participants is 55,892 within two-hour global simultaneous conference.

The conference is mainly composed of two parts.

First of all, Ms. Toril Bosoni, Head of Oil Industry and Markets Division, IEA , gave an in-depth report and analysis on IEA Global 2021 Oil Market Report. In her presentation covered following key messages,

• Oil demand recovers from historic collapse in 2020.
• Stronger action required to get on track for a cleaner energy future. It was forecasted that there would likely be continuous tremendous oil demand growth by 2026 based on the current global policy environment.  
• Asia, petrochemicals industry development drives rapid oil demand growth.
• Gasoline products and OECD countries may have peaked.
• Record upstream investment cuts, project delays curb projected capacity growth.
• Market looks comfortable in medium-term, Middle East dominates supply increase.
• Refining sector under increased pressure. Asian import dependence rise to 82%.

After the IEA keynote report, there was an interactive panel on “Global Oil Market Review and Outlook” and participated by Mr. an Fengquan, Senior Advisor of IEA, Ms. Kristine PETROSYAN, Senior Energy Analyst of IEA, Mr. Jiaquan DAI, Director of the Economics and Technology Research Institute of PetroChina, Mr. Nengquan WANG, Principal Researcher of the Economics and Technology Research Center of Sinochem, and Ms. Ye ZHUANG, General Manager of Oil Field Service of Baker Hughes China.

Ms. Maggie JIA, ECP Executive Board Cochair and Ms. Toril BOSONI, Head of Oil Industry and Markets Division of IEA concluded the conference. The global oil market may not return to normal after COVID. When COVID-19 broke out in 2020, the oil industry was depressed. Prices plummeted, demand slowed, and oil companies went bankrupt and devalued. No winter stands still as no spring fails to fall on. We can not stop the further reform and upgrade of the global oil market, but we hope that global oil industry can better cope with various challenges in the process of energy transition, and at the same time seize the opportunities of transition.

ECP together with IEPKU jointly planned an international energy cooperation and dialogue initiative (also called iECP Series) to bridge communication, and to participate and support energy industry international development and cooperation by partnering with various international energy stakeholders. This IEA Global Oil Market report launch is the first event of this “iECP” series.  In June 2021, ECP and IEPKU will cooperate with the IEA again to release the IEA Global Gas Market Report 2021. Stay turned and looking forward to your participation and support again in May.