As global oil and gas markets remained oversupplied in 2025, Asia continued to serve as the core growth driver of world's energy consumption, according to the 2025 Report on the Development of the Domestic and International Oil and Gas Industry released on Tuesday in Beijing.

The report said that in 2025, the global oil and gas supply-demand balance became increasingly loose.

The annual average price of Brent crude oil was 68.19 U.S. dollars per barrel, down 14.62 percent year on year, while global crude oil and natural gas production rose by 2.4 and 3.1 percent, respectively, the report said.

Energy consumption in the Asia-Pacific region grew by 2.7 percent, accounting for nearly 80 percent of global consumption growth, and energy demand in Europe and the Eurasian continent declined by 2.0 percent, said the report.

Global ethylene production capacity continued to shift toward Asia, with China ranking first worldwide, further strengthening regional industrial competitiveness, according to the report.

"According to our forecasts, the market will continue to show a loose pattern in 2026. In response to global uncertainties, China will rely on stable economic development to serve as a cornerstone and stabilizer for the global oil and gas market," said Lu Ruquan, director of China National Petroleum Corporation Economics and Technology Research Institute.

The report projected that the loose market conditions will persist in 2026.

Under the baseline scenario, the annual average Brent crude oil price is expected to range between 60 and 65 U.S. dollars per barrel, while natural gas demand will maintain low- to medium-speed growth. Global ethylene capacity is forecast to increase by 9.3 million tonnes per year, of which China will account for 8.05 million tonnes, further reinforcing the foundation of its petrochemical industry, according to the report.

The report also noted that China's refining and chemical sector is accelerating its shift toward higher-end production, with rapid growth in chemical new materials. The self-sufficiency rate of high-end chemical materials has risen to over 80 percent.

In 2025, China's investment in oil and gas exploration and development remained at a high level, with both reserves and production reaching record highs, the report said.

China's crude oil output rose to a historic high of 216 million tonnes, while natural gas production, including coal-derived gas, reached 263.8 billion cubic meters, marking the ninth consecutive year of increases exceeding 10 billion cubic meters. China's refining capacity reached 939 million tonnes per year, while ethylene capacity came in at 62.7 million tonnes per year, both ranking first globally.