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China’s Oil Demand to Peak at 780-800mn Tons by 2030

OIL

Chinese oil demand is expected to peak at 780-800mn tons by 2030 according to the CNPC Economics and Technology Research Institute (ETRI).

  • The institute previously said in 2021 that Chinese oil demand would peak at 780mn tons by 2030.
  • China's peak oil demand is expected at 15.6mbpd to 16mbpd.
  • The petrochemical sector will account for 30% of the country's oil demand by 2030, said ETRI vice president Wu Mouyan.
  • By 2060, demand is expected to fall to 220mn tons due to falling demand for transporting fuels, Wu said.
  • Natural gas demand will peak at 605.9bcm in 2040, the research group added.

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