China Petroleum & Chemical Corporation (Sinopec) presented the first Global Energy Outlook 2060 report at an event in Riyadh, Saudi Arabia on April 21. This marks Sinopec's third overseas release event in Saudi Arabia, to foster collaboration on energy transition and business exchanges.
The report predicts a peak in global primary energy consumption at 26.71 billion tonnes of standard coal by 2045, with renewables exceeding 51.8% by 2060. By 2060, energy consumption is expected to slow to 25.25 billion tonnes, with oil and gas contributing 35.7%.
Oil consumption is projected to reach its peak at 4.66 billion tonnes in 2030, with a shift towards industrial use. Despite this, oil will still account for 40% of transportation energy by 2060. Growth in non-fossil energy is anticipated, with hydrogen usage increasing to nearly 50% by 2060, and CCUS capacity expanding to 110 million tonnes by 2030 and 4.7 billion tonnes by 2060.
The China Energy Outlook 2060 (2025 Edition) suggests that China's primary energy use will plateau after 2030, peaking at 6.8–7.1 billion tonnes of standard coal. China’s oil demand is expected to peak before 2027, while non-fossil energy is projected to surpass fossil fuels in power generation by 2035. The report also forecasts CO₂ emissions from energy to peak at 10.8–11.2 billion tonnes before 2030.
Additionally, the 2025 China Energy and Chemical Industry Outlook indicates that China’s refining capacity will peak at 960–970 million tonnes per year by 2025. The chemical industry is expected to face overcapacity in olefins and aromatics, with a high capacity level for bulk chemical products.