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Free AccessChina Oil Product Demand Growth to Fall to 1.7% in 2024: Sinopec
Sinopec expects China’s oil product demand growth to ease to 1.7% in 2024 from the post-Covid demand boost to 16.1% in 2023, according to Bloomberg.
- Gasoline demand growth is forecast at 1.6% compared with 23% and diesel flat vs 3.1% and jet fuel at 11.1 compared to 96.5% in 2023.
- Refining volumes are expected to increase 3% in 2024 to 765m tons after 10% this year to 745m tons.
- China’s oil consumption is projected to peak around 2027 at 800m tons (about 16mb/d) and drop sharply from 2030 according to an official at the Sinopec Economics and Development Research Institute. A shorter plateau period for demand is partly due to faster-than-expected expansion in the new energy vehicle sector with transport oil demand to peak at approximately 400m tons by about 2025.
- Oil demand in China is estimated at 760m tons this year according to Reuters.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.