Sinopec Foresees Peak in China's Petroleum Consumption by 2027

Sinopec predicts that China's petroleum consumption will peak by 2027 at no more than 800 million metric tons as diesel and gasoline demand decline. The report highlights potential changes with Donald Trump's administration affecting the market, and forecasts increased demand for LNG and electric vehicles.

Sinopec has forecasted China's petroleum consumption will reach its zenith by 2027, not exceeding 800 million metric tons. This expectation comes as the demand for diesel and gasoline continues to weaken, causing a shift in the energy landscape.

The energy giant's revised forecast differs from last year's, which projected a peak between 2026 and 2030. This significant insight reflects a decline from the 750 million tons consumed in 2024. Additionally, the Trump administration's potential policy shifts could significantly impact China's energy sector, particularly regarding U.S. sanctions on Iran.

The focus on emerging technologies, such as LNG and electric vehicles, is anticipated to further decrease gasoline and diesel consumption. By 2050, the petrochemical sector is predicted to dominate oil consumption, with broader environmental policies influencing future energy transitions.

(With inputs from agencies.)