China's Energy Landscape: Sinopec's Forecast Reaches New Heights

Sinopec forecasts China's petroleum consumption to peak by 2027 at 800 million metric tons. This update surpasses last year's expectations, with oil peaking from 2026 to 2030. The report also anticipates natural gas usage to rise and carbon emissions to reach higher levels before 2030.

China's petroleum consumption is predicted to reach its zenith by 2027, according to Sinopec's latest outlook released this Thursday in Beijing. The state energy giant anticipates a peak of no more than 800 million metric tons or 16 million barrels per day. This is a revised estimate, sharper than last year's projection, which placed China's oil peak between 2026 and 2030 at around the same volume.

In production terms, China's crude oil output is set to increase, reaching 215 million tons by 2025. Its refining capacity will hover between 960 and 970 million tons annually, Sinopec reports. As for natural gas, consumption is expected to peak earlier, contrary to last year's figures, but at a greater level, ultimately reaching 570 billion cubic meters by 2030 and stabilizing at approximately 620 billion cubic meters between 2035 and 2040.

Sinopec's forecast also sheds light on China's energy-related carbon emissions, predicted to apex before 2030 at levels between 10.8 billion and 11.12 billion tons. This contrasts with last year's estimates of around 10.1 billion tons between 2026 and 2030, indicating a rise in anticipated carbon outputs.

(With inputs from agencies.)