In a historic move for China’s energy sector, China Petroleum & Chemical Corporation (Sinopec) has officially released its first Global Energy Outlook 2060 report at an international launch event in Riyadh, Saudi Arabia. This marks the first time a Chinese enterprise has issued a long-term global energy forecast on the international stage, signalling Sinopec’s growing role in the global energy transition dialogue.
The event also saw the release of two additional strategic documents: the China Energy Outlook 2060 (2025 Edition) and the 2025 China Energy and Chemical Industry Outlook. This is Sinopec’s third overseas release in Saudi Arabia, underscoring the deepening ties and collaborative momentum between China and Saudi Arabia in the energy and chemical sectors.
The Global Energy Outlook 2060 report presents Sinopec’s in-depth analysis and innovative modelling of future global energy trends. According to the report, global primary energy consumption is projected to peak at 26.71 billion tonnes of standard coal by 2045, before gradually declining to 25.25 billion tonnes by 2060. Renewable energy will take centre stage, expected to constitute 51.8% of the global energy mix by 2060, highlighting a transformative shift away from fossil fuels.
Oil consumption is forecasted to peak at 4.66 billion tonnes in 2030, with its role gradually shifting from transportation to industrial applications. Nevertheless, oil will still account for around 40% of transportation energy by 2060.
One of the most ambitious projections in the report involves hydrogen energy, whose usage is expected to surge from 2% in 2023 to nearly 50% by 2060, totalling over 340 million tonnes annually. Carbon capture, utilisation, and storage (CCUS) technologies will also play a key role, with capacity projected to expand from 110 million tonnes by 2030 to a staggering 4.7 billion tonnes by 2060.
Sinopec’s domestic forecast, outlined in the China Energy Outlook 2060 (2025 Edition), anticipates that China’s primary energy consumption will plateau after 2030, peaking at 6.8–7.1 billion tonnes of standard coal. The report notes that oil demand will peak before 2027, while non-fossil energy sources are set to overtake fossil fuels in power generation by 2035.
In line with China’s carbon reduction goals, COâ‚‚ emissions from energy are projected to peak before 2030, between 10.8 and 11.2 billion tonnes, supporting the country’s pledge to achieve an early carbon peak.
The 2025 China Energy and Chemical Industry Outlook provides a detailed look at China’s energy production and processing capacities. According to the report, China’s total refining capacity is expected to peak at 960–970 million tonnes per year by 2025. Meanwhile, the chemical industry faces persistent overcapacity in key segments, particularly in olefins and aromatics, along with sustained high-capacity levels in bulk chemical products.
By launching these reports on foreign soil, Sinopec is positioning itself not only as a domestic energy leader but also as a global influencer in energy policy and strategy. The move reflects China’s growing commitment to international energy cooperation, knowledge sharing, and joint action on climate and sustainability goals.
