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Sinopec's Groundbreaking Global Energy Outlook 2060 Report

On April 21, 2025, China Petroleum & Chemical Corporation, better known as Sinopec, officially launched its groundbreaking report titled Global Energy Outlook 2060 in Riyadh, Saudi Arabia. This unveiling is a significant step for Sinopec, marking the company's first overseas debut of a long-term global energy forecast. The event also showcased two additional reports focused on China's energy and chemical outlooks, illustrating Sinopec's commitment to enhancing international cooperation in energy transformation and advancing industry dialogue.

The Global Energy Outlook 2060 report employs cutting-edge research methodologies aimed at providing a comprehensive analysis of future energy trends. The report predicts that global primary energy consumption will peak at approximately 26.71 billion tons of standard coal by 2045. By 2060, renewable energy sources are projected to account for a staggering 51.8% of the total energy mix, showcasing a pivotal shift towards more sustainable energy solutions. However, despite the expected rise in renewables, fossil fuels, specifically oil and gas, will still represent 35.7% of global energy consumption in 2060.

One of the report’s notable forecasts is the anticipated peak in oil consumption, expected to reach 4.66 billion tons by 2030. This trend emphasizes a transition in the energy sector from transportation towards industrial raw materials, although oil will still constitute around 40% of energy used in transportation by 2060. The report highlights a significant growth in non-fossil energy, notably hydrogen, whose usage is expected to surge from a mere 2% in 2023 to nearly 50% by 2060, translating into an annual consumption exceeding 340 million tons. Carbon capture, utilization, and storage (CCUS) capacity is also forecasted to expand dramatically, reaching 110 million tons by 2030 and an astonishing 4.7 billion tons by 2060, which is crucial in the global efforts towards energy transition.

Complementing the Global Energy Outlook 2060, the China Energy Outlook 2060 (2025 Edition) predicts that China’s primary energy consumption will stabilize post-2030, approximating a maximum of 6.8 to 7.1 billion tons of conventional coal. Oil demand in China is projected to peak before 2027, while non-fossil energy sources are likely to surpass fossil fuels in energy generation by 2035. Moreover, the report indicates that carbon dioxide emissions from energy sources in China are set to peak at 10.8 to 11.2 billion tons before 2030, thereby supporting China's early ambitions for carbon peaking.

The China Energy and Chemical Outlook 2025 report sheds light on the total refining capacity in China, predicting it will reach a maximum of 960 to 970 million tons per year by 2025. However, the chemical industry faces challenges, including overcapacity in olefins and aromatics, alongside sustained high capacity in bulk chemicals.

Sinopec’s international launch event not only strengthens its position as a global player in the energy market but also fosters collaborative initiatives in energy transition and academic exchange. As Sinopec continues to navigate its energy transformation strategy, these reports serve as critical components in guiding policymakers, stakeholders, and the broader community in understanding and adapting to the dynamic landscape of global energy.

For more information on the reports and Sinopec’s ongoing efforts in energy forecasting, visit Sinopec’s official website.