China's oil demand expected to decline steadily until 2035
Date
9/11/2024 6:11:13 AM
(MENAFN) According to a Chinese oil researcher, the demand for oil products in China, which has historically been the leader in global crude consumption, reached its peak in 2023 and is projected to experience a gradual decline over the coming years. From 2023 to 2025, demand is anticipated to decrease by 1.1 percent annually, with a more pronounced reduction expected in the years following. Specifically, the annual decline is forecasted to accelerate to 2.7 percent from 2025 to 2030 and further to 3.2 percent annually from 2030 to 2035. The researcher, who chose to remain unnamed, also noted that China's crude oil refining capacity is set to grow, reaching 19.3 million barrels per day by 2025 and slightly increasing to 19.6 million barrels per day by 2030.
This anticipated decline in Chinese oil demand is having a notable impact on global oil markets. The shift is attributed to several factors, including a greater emphasis on electric vehicles, which reduces reliance on traditional fossil fuels, and a deceleration in China’s economic growth following the Covid-19 pandemic. The reduced consumption in China has contributed to fluctuations in global oil prices and consumption patterns, reflecting broader changes in energy demand and market dynamics.
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