This book is the CNPC Economics & Technology Research Institute (referred to as CNPC ETRI) annual report since 2008 tracking and analyzing the development of the global oil and gas industry. Organized by a group of experts and research professionals, it dissects major events and hot topics to form an understanding and judgment of the industry’s development trends. It is rooted in China with a global perspective and serves as a valuable reference for both industry insiders and outsiders to quickly gain insights into the market. The basis of English translation of this book, originally in Chinese, was facilitated by artificial intelligence. The content was later revised by the authors for accuracy.