Reuters
[Source: Reuters]
China’s refined oil consumption peaked in 2023 at 399 million metric tons (7.98 million barrels per day) and is expected to fall 1.3% to 394 million tons in 2024, CNPC Economics & Technology Research Institute said on Friday.
As a result, crude oil imports are expected to fall to 544 million tons this year, according to a presentation by the research arm of China’s largest oil producer, although the world’s top importer still accounts for a quarter of global imports.
CNPC’s forecast underscores expectations that China’s crude oil imports are on track to peak next year as transport fuel demand begins to decline for the world’s top crude buyer, ending the country’s decades-long run as the dominant driver of expanding oil consumption.
By 2035, China’s overall refined products consumption is expected to fall by 25-40% to 240 million to 290 million tons in 2035 from the 2023 peak, CNPC said.
