President Wang delivered a speech at the 2021 S&P Global Platts Executive Petroleum Virtual Conference
S&P Global Platts, with a century-old history, is an authoritative analysis organization for the international energy and commodity markets, providing a pricing system for the global crude oil spot market. The Global Executive Petroleum Virtual Conference is one of Platts' representative conferences, and attracted government officials, representatives of international organizations, energy company executives, and experts and scholars from dozens of countries and regions around the world to have a lively discussion on the trend of international oil price, global crude oil trade patterns, geopolitics and climate change.
President Wang was invited to the 14th Global Executive Petroleum Virtual Conference hosted by S&P Global Platts in London, gave a speech on "The impact of economics and geopolitics on the crude oil market" session, and had a conversation with Helima Croft, the Global Head of Commodity Strategy at the Royal Bank of Canada Capital Markets, Michael Cohen BP, the Chief U.S. Economist and Head of Oil Analysis in BP’s Group Economic Team, Toril Bosoni, the Head of Oil Markets at the International Energy Agency, Jeffrey Currie, the Global Head of Commodities Research at Goldman Sachs, and other experts about the trend of the global oil market in 2021.
President Wang said that China's energy transition was accelerating, and China's oil demand might peak in 2025 in the context of "carbon peak and carbon neutrality". At present, the imbalance in the global economic recovery was increasingly emerging, and China's economic recovery was strong. President Wang estimated that China's economic growth rate was expected to reach more than 8.3%, and the growth rate of crude oil demand would be around 3.4% in 2021. Among them, China's gasoline is recovering strongly due to the rebound in tourism. Global demand for crude oil was expected to have more room for a rebound, and Global jet fuel demand was expected to reach the pre-epidemic level in 2022. In response to the host’s question on whether the international oil price may reach 100 U.S. dollars per barrel in the future, President Wang said “There is still room for international oil prices to rise in the short term, but it is unlikely to reach 100 U.S. dollars per barrel.”
