China's Energy Trajectory: Peaking Petroleum and Rising Gas Consumption

China's petroleum consumption is projected to hit its peak by 2027, capping at 800 million metric tons. Crude output is set to reach 215 million metric tons by 2025, while oil refining capacity could climb to nearly 970 million mts per annum. Natural gas consumption will continue to rise until 2040.

China's petroleum consumption is projected to reach its zenith by 2027, capping at a maximum of 800 million metric tons, according to an energy outlook released by China's state energy group on Thursday.

On the production front, China's crude oil output is anticipated to climb to 215 million metric tons by 2025. Moreover, the country's oil refining capacity is expected to increase to between 960 million and 970 million metric tons per annum, as detailed in the report unveiled in Beijing.

Natural gas usage is forecast to reach 458 billion cubic meters by 2025, marking a 6.6% annual increase, as per data from Sinopec. By 2030, the consumption will escalate to 570 billion cubic meters, eventually plateauing between 2035 and 2040 at around 620 billion cubic meters.

(With inputs from agencies.)