China's oil product demand has reached its peak and is expected to decline significantly in the coming years due to the shift towards electric vehicles and LNG-fueled trucks.
China ’s oil product demand peaked last year and is set to drop this year and accelerate the decline in the coming years, a China oil researcher told Reuters on the condition of anonymity. Chinese demand for petroleum products hit its peak in 2023 and is now set to drop by 1.1% annually through 2025, according to the researcher. The decline is expected to accelerate later this decade, when China ’s oil product demand is seen falling by 2.7% annually from 2025 to 2030, and by 3.
“Gasoline is likely to peak this year or next year in China — not because nobody’s moving, but simply because the fleet is slowly changing towards electric vehicles,” Vitol Group’s CEO Russell Hardy told Bloomberg in an interview published on Monday. Earlier this year, Vitol pushed back its expected timeline for global peak oil demand beyond 2030. Hardy said in February that a slower pace of the energy transition would push peak oil demand beyond 2030.
Oil Demand Peak Oil Electric Vehicles LNG Energy Transition Economic Performance Diesel Transportation Renewable Energy
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