On May 18, the International Energy Agency (IEA) released the report "Net Zero by 2050: A Roadmap for the Global Energy Sector", which puts forward the specific path of energy transformation required to control the global temperature rise within 1.5 degrees Celsius. One of the necessary conditions is to stop investment in fossil energy immediately. As soon as the IEA report was issued, the oil market, which was originally good, immediately turned downward, and the oil price hit the largest weekly decline since March.However, surprisingly, after the sharp drop, the oil price rebounded rapidly and rose all the way. As of 20:05 Beijing time on July 1, the intraday increase of WTI crude oil futures expanded to 3.17% to US $75.80/barrel, and Brent crude oil futures increased by 2.47% to US $76.46/barrel.The long-term negative and short-term bull market interweave an intricate picture, making the future of the international crude oil market confusing. This article analyzes the reasons for the recent oil price trend from multiple angles, and believes that high oil prices will not shake the future trend of the oil industry's transformation. Finally, it puts forward certain suggestions on the path of long-term transformation of the oil and gas market.
