China has solidified its position as the world's largest producer and consumer of energy, according to a think tank.
In 2024, global primary energy consumption grew by 1.9 percent compared to the previous year, with China's consumption increasing by 4 percent, according to a report released by China National Petroleum Corp Economics and Technology Research Institute in Beijing on Tuesday.
The country continues to lead the global green and low-carbon energy transition, with its investments in non-fossil fuels accounting for one-third of global energy investments, it said. The electrification of end-use energy also made significant strides, with China's electrification rate rising to about 29 percent in 2024, and expected to reach around 30 percent in 2025, said the institute.
China's oil consumption is on course to approach its peak this year, it said, adding that the demand for refined oil is forecast to be 382 million metric tons for the year, a 1.9 percent decrease year-on-year, a transformative phase for China's oil and petrochemical markets.
In 2024, China's domestic oil and gas exploration saw notable gains, with 1.5 billion tons of new proven oil reserves and nearly 1.6 trillion cubic meters of new natural gas reserves. The country's total oil and gas output reached about 412 million tons of oil equivalent, surpassing 400 million tons for the first time.
China's three major oil companies focused on ensuring energy security throughout last year, advancing the energy transition, and enhancing technological innovation. Their efforts are centered on areas such as carbon capture, utilization, and storage, new energy, new materials, high-end equipment, advanced energy storage, and generative AI, accelerating the development of new productive forces, said the institute.
