Wang Haibo, from the Research Institute of PetroChina, said: In the next five years, oil prices are expected to fluctuate between $50 and $70.

On December 12, Wang Haibo, director of the Petroleum Market Research Institute of CNPC Economics & Technology Research Institute, stated to the media during the 2025 International Energy Development Summit that the global oil market is currently in a loose state overall, and this loose trend may further expand in the next two to three years. He analyzed that under the background of energy transition and the substitution of electric vehicles, global oil demand growth is slowing down, and some developed countries have entered a long-term decline in demand. On the supply side, OPEC+ still has some remaining production capacity, coupled with the growth in production in the Americas, supply can fully meet demand growth. Therefore, in his opinion, in the next two to three years, the market is expected to remain loose, with oil prices showing a downward trend. As oil prices continue to fall, the investment enthusiasm of US shale oil producers may be dampened, and the market will gradually return to a balanced state. "Overall, over the next five years, we expect the average annual oil price to fluctuate within the range of $50-70 per barrel. Of course, unexpected political events may cause supply and demand tensions, which could temporarily push oil prices below $40 per barrel or above $70-80 per barrel, depending on the evolution and duration of the events."