China Oil and Gas Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)
The Chinese oil and gas market is expected to register a CAGR of more than 5% during the forecast period, 2022-2027. The COVID-19 outbreak in Q1 2020 had an adverse impact on the Chinese oil and gas market in terms of drawdown investments, shortage of import quotas, and further muted Chinese fuel consumption. Factors such as the discovery of new oil and gas fields, rising oil and gas investments, and the growing demand for energy with the rising population are expected to drive the oil and gas market during the forecast period. However, the growing demand for renewable energy is expected to hinder the market’s growth during the forecast period.
Key HighlightsThe Chinese oil and gas market is moderately consolidated. The key players in the market include China National Petroleum Corporation, China Petroleum & Chemical Corporation (Sinopec), China National Offshore Oil Corporation (CNOOC), ExxonMobil Corporation, and Chevron Corporation.
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