Sinopec makes Overseas Debut with Global Energy Forecast: Global Energy Outlook 2060 Report released
RIYADH, Saudi Arabia /PRNewswire/ -- China Petroleum & Chemical Corporation (HKG: 0386, "Sinopec") officially released the first Global Energy Outlook 2060 report (the "Report") on April 21 at the overseas launch event for China's energy and chemical industry reports held in Riyadh, Saudi Arabia. Two more reports, the China Energy Outlook 2060 (2025 Edition) and the 2025 China Energy and Chemical Industry Outlook, were published at the event as well.
This is Sinopec's third overseas release event in Saudi Arabia, strengthening collaboration on energy transition and promoting academic and business exchanges.
The Report marks the first time a Chinese enterprise has published a mid- to long-term global energy outlook overseas, using innovative research for improved forecasts. It predicts global primary energy consumption will peak at 26.71 billion tonnes of standard coal by 2045, with renewables comprising 51.8% by 2060. Energy consumption will slow to 25.25 billion tonnes by 2060, with oil and gas making up 35.7%.
Oil consumption will peak at 4.66 billion tonnes in 2030, shifting focus from transportation to industrial raw materials, while still accounting for 40% of transportation energy by 2060.
Non-fossil energy will see major growth: hydrogen use will rise from 2% in 2023 to nearly 50% by 2060, exceeding 340 million tonnes annually. CCUS capacity will expand to 110 million tonnes by 2030 and 4.7 billion tonnes by 2060, driving the energy transition.
The China Energy Outlook 2060 (2025 Edition) predicts China's primary energy use will plateau after 2030, peaking at 6.8–7.1 billion tonnes of standard coal. Oil demand will peak before 2027, while non-fossil energy will surpass fossil fuels in power generation by 2035. CO₂ emissions from energy are expected to peak at 10.8–11.2 billion tonnes before 2030, ensuring an early carbon peak.
The 2025 China Energy and Chemical Industry Outlook notes that China's total refining capacity will peak at 960–970 million tonnes per year by 2025, while the chemical industry faces overcapacity in olefins, aromatics, a sustained high capacity levels of bulk chemical products.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Zawya
25 minutes ago
- Zawya
Saudi crude oil supply to China to dip in July, sources say
SINGAPORE - Saudi Arabia's crude oil supply to China is set to dip slightly in July, trade sources said on Tuesday, but still strong for a third straight month as the OPEC kingpin regains its market share supplying the world's top crude importer. State oil firm Saudi Aramco will ship about 47 million barrels to China in July, a tally of allocations to Chinese refiners showed, 1 million barrels less than June's allotted volume. State refiners Sinopec, PetroChina and Aramco's joint venture Fujian refinery will be receiving more crude in July, while the allocation for independent refiners Rongsheng Petrochemical, Hengli Petrochemical and Shenghong Petrochemical will dip, the sources said. Saudi Aramco did not immediately respond to a request for comment. The robust Saudi supply comes after the Organization of the Petroleum Exporting Countries and their allies, known as OPEC+, agreed to hike output in July by 411,000 barrels per day for a third consecutive month. Since April, the OPEC+ eight have now made or announced increases totalling 1.37 million bpd, or 62% of the 2.2 million bpd they aim to add back to the market. (Reporting by Florence Tan; Editing by Muralikumar Anantharaman and Sonali Paul)
Al Etihad
38 minutes ago
- Al Etihad
Asian markets extend gains as China-US talks head into second day
10 June 2025 08:33 Hong Kong (AFP) Asian stocks squeezed out more gains Tuesday as the latest round of China-US trade talks moved into a second day, with one of Donald Trump's top advisers saying he expected "a big, strong handshake".There is optimism the negotiations -- which come after the US president spoke to Chinese counterpart Xi Jinping last week -- will bring some much-needed calm to markets and ease tensions between the economic advances in Asian equities built on Monday's rally and followed a broadly positive day on Wall Street, where the S&P 500 edged closer to the record high touched earlier in the week's meeting in London will look to smooth key issues on the agenda at the talks are expected to be exports of rare earth minerals used in a wide range of things including smartphones and electric vehicle batteries."In Geneva, we had agreed to lower tariffs on them, and they had agreed to release the magnets and rare earths that we need throughout the economy," Trump's top economic adviser, Kevin Hassett, told CNBC on even though Beijing was releasing some supplies, "it was going a lot slower than some companies believed was optimal", he he said he expected "a big, strong handshake" at the end of the talks."Our expectation is that after the handshake, any export controls from the US will be eased, and the rare earths will be released in volume," Hassett also said the Trump administration might be willing to ease some recent curbs on tech president told reporters at the White House: "We are doing well with China. China's not easy."I'm only getting good reports."Tokyo led gains in Asian markets, with Hong Kong, Shanghai, Sydney, Seoul, Singapore, Taipei, Wellington and Jakarta also well up."The bulls will layer into risk on any rhetoric that publicly keeps the two sides at the table," said Pepperstone's Chris Weston."And with the meeting spilling over to a second day, the idea of some sort of loose agreement is enough to underpin the grind higher in US equity and risk exposures more broadly."Investors are also awaiting key US inflation data this week, which could impact the Federal Reserve's monetary policy amid warnings Trump's tariffs will refuel inflation strengthening the argument to keep interest rates on it also faces pressure from the president to cut rates, with bank officials due to make a decision at their meeting next week. While recent jobs data has eased concerns about the US economy, analysts remain cautious. Stock Markets Continue full coverage
Arabian Post
an hour ago
- Arabian Post
Diplomats Seek Breakthrough in London Trade Truce
Top-level officials from Washington and Beijing convened at London's historic Lancaster House to try to uphold a fragile trade truce. The US team—led by Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick and Trade Representative Jamieson Greer—pressed China to lift export restrictions on rare earth minerals, a linchpin in sectors from electric vehicles to semiconductors. China's delegation, headed by Vice‑Premier He Lifeng and joined by Commerce Minister Wang Wentao and vice‑minister Li Chenggang, emphasised sustaining the state‑driven economic model while seeking concessions on US visa rules and technology access. Talks resumed for a second day, with a declared focus on export‐control mechanisms that threaten to unravel the Geneva‐brokered tariff truce agreed on 12 May. That earlier pact suspended punitive levies exceeding 100 percent for 90 days, offering markets a brief reprieve. The inclusion of Howard Lutnick underscores the significance of rare earths, as Washington eyes relief from export curbs imposed this year. Economic data highlights the toll of stifled trade: China's exports to the US plunged 34.5 percent year‑on‑year in May—the steepest decline since early 2020—driven by both tariff escalation and export restrictions. In the US, while inflation remains subdued and employment resilient, early indicators hint at a cooling economy amid these disruptions. ADVERTISEMENT Diplomatic momentum emanates from a phone call between President Donald Trump and President Xi Jinping on 5 June—their first such exchange since Trump's inauguration—where Xi reportedly signalled Beijing's willingness to resume shipments of rare earths. Trump later described the discussion as yielding 'very positive' outcomes and claimed he was 'only getting good reports' from the London delegation. US National Economic Council Chairman Kevin Hassett offered further assurances, stating the administration was preparing to ease certain high‑tech export restrictions and expecting China to significantly ramp up rare earth shipments. Chinese officials upheld their stance on economic self‑reliance, under Xi's 'dual‑circulation' policy, signalling reluctance to overhaul structural economic controls. Analysts suggest Beijing may exchange modest export concessions for US rollbacks on visa limits for Chinese nationals and access to cutting‑edge semiconductor technology. Despite the diplomatic overtures, analysts caution that ambitions for sweeping reform are unlikely. The US retains a hawkish posture and is pursuing broader decoupling from China on strategic supply chains, reducing the odds of a comprehensive agreement. Eurasia Group chief Ian Bremmer warned there was 'little prospect for the bilateral relationship to become constructive' amid entrenched structural differences. European manufacturers, notably German automakers, have raised alarm over supply bottlenecks from China's rare earth export licensing regime, implemented in April, citing risks to global production schedules. The talks have therefore resonated well beyond the bilateral agenda, prompting heightened interest from supply‑chain dependent nations. UK officials, though officially not party to the negotiations, provided logistical support and voiced encouragement. Chancellor Rachel Reeves met with both delegations on the sidelines, while Business Secretary Jonathan Reynolds engaged with Chinese counterparts. British leaders clearly signalled a preference for diplomacy, stating that a trade war 'is in nobody's interests'. Institutionally, this dialogue reflects the newly established China‑US economic and trade consultation mechanism, replacing previous multi‑track platforms and underscoring a shift towards direct and high‑level engagement. Legal complications persist in Washington: the Trump administration is appealing a federal ruling that its tariff actions exceed presidential authority. A decision from the appellate court, possibly extending to the Supreme Court, could determine whether tariffs remain in force during the review process. Markets responded with tentative optimism: global equities recovered a significant portion of pre‑talk losses following the Geneva truce and subsequent London announcements. However, investors remained cautious, aware the staged progress may not translate into lasting reform. The London round, stretching into Tuesday, is shaped by urgency driven from both capitals. Washington seeks tangible actions: resumed access to rare earths and easing of advanced technology curbs. Beijing aims to protect its economic model while negotiating incremental gains, such as improved visa issuance and broader recognition of Chinese tech firms. This high‑stakes diplomacy marks a pivotal moment in a wider geopolitical contest for economic supremacy. Whether the Lancaster House talks blossom into a durable détente or merely delay the next escalation depends on bridging both substantive and strategic divides.
