Sinopec says China’s oil demand likely peaked in 2025

Clean energy, electrification and electric-vehicle adoption are reducing fuel demand in the world’s largest oil importer.

China’s oil demand probably peaked in 2025, earlier than previous estimates, according to Sinopec Chairman Hou Qijun.

Hou said clean-energy development, electrification and China’s low-carbon goals were reducing oil use. Sinopec had previously forecast demand would peak in 2027, while Beijing targets oil and coal consumption limits during the current five-year plan through 2030.

Road-fuel demand fell sharply in the first half as consumers avoided higher prices and shifted to electric vehicles, Sinopec said. The company expects the decline to narrow in the second half as economic policies support demand.

Sinopec is diversifying crude supplies away from the Middle East and has received 11 tankers carrying a combined 2.76 million tons of crude, company President Wan Tao said.

Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.

China’s oil demand probably peaked in 2025, earlier than previous estimates, according to Sinopec Chairman Hou Qijun.

Sinopec is diversifying crude supplies away from the Middle East and has received 11 tankers carrying a combined 2.76 million tons of crude, company President Wan Tao said.

Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.