China's oil demand and refinery throughput declined in 2024 for the first time in decades, driven by a shift towards electric vehicles and LNG trucks.
Weaker fuel demand and depressed refining margins in 2024 resulted in the first annual decline in China ’s refinery throughput in over 20 years, excluding the pandemic lockdown year of 2022, government data showed on Friday. Chinese refiners processed on average 14.13 million barrels per day bpd of crude oil last year, down by 1.6% compared to the record 14.
The rise of electric vehicles and the growing use of LNG in trucking have combined with slower-than-expected economic growth and activity to dent China’s oil demand growth and undermine earlier forecasts of global oil demand for 2024. Crude oil imports into China also declined last year, for the first time in some 20 years, excluding the pandemic lockdown period. The average import level stood at 11.04 million bpd in 2024, down by 1.9% from 2023, customs data showed earlier this week.
Oil Demand Refinery Throughput Electric Vehicles (Evs) LNG Trucks Peak Oil Weaker Economic Growth Crude Oil Imports CNPC Sinopec
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