China National Petroleum Corporation has forecast demand for the country's petroleum products peaking before the end of 2025.
Demand for petroleum products in China could peak before next year, the research unit of the China National Petroleum Corporation has forecast. The projection is based on expectations that the energy transition will continue gathering speed, eliminating oil product demand growth.
Per CNPC’s researchers, oil-derived fuels will remain the most used until 2035, but demand will begin declining from around 2030. Driven by this trend, China’s total oil demand will fall to 650 million tons in 2035. Electric cars appear to be the main factor that CNPC’s researchers see as determining the future of oil demand but EV sales growth in China has started declining.
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