Sinopec Makes Overseas Debut with Global Energy Forecast: Global Energy Outlook 2060 Report Released

The Company Consolidates Common Goals and Business Cooperation in Energy Transformation with Three Published Research Reports in Energy and Chemicals

RIYADH, Saudi Arabia, April 23, 2025 /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.

For more insightful details of the reports, please visit http://www.sinopec.com/listco/en/.

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