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OIL: China's Oil Demand Yet To Peak, Sinopec Says

OIL
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China’s oil demand as not yet peaked, with strong petrochemicals consumption outweighing declines in gasoline and diesel, according to Sinopec’s chairman, cited by Bloomberg. 

  • “Oil has not peaked yet,” Ma Yongsheng, chairman of state-owned Sinopec Group said. “We still hold positive views on the outlook for petrochemicals.”
  • Diesel demand probably peaked in 2019, while gasoline consumption will likely never top 2023 levels, Ma said, cited by Bloomberg.
  • China’s National Bureau of Statistics said last week that oil consumption in China fell by 1.2% last year. Consumption in China saw an annual decline in 2022 before rebounding in 2023.
  • Late last year, CNPC revised its oil demand outlook, calling for a peak in consumption in 2025, rather than 2030 as previously forecast. 
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China’s oil demand as not yet peaked, with strong petrochemicals consumption outweighing declines in gasoline and diesel, according to Sinopec’s chairman, cited by Bloomberg. 

  • “Oil has not peaked yet,” Ma Yongsheng, chairman of state-owned Sinopec Group said. “We still hold positive views on the outlook for petrochemicals.”
  • Diesel demand probably peaked in 2019, while gasoline consumption will likely never top 2023 levels, Ma said, cited by Bloomberg.
  • China’s National Bureau of Statistics said last week that oil consumption in China fell by 1.2% last year. Consumption in China saw an annual decline in 2022 before rebounding in 2023.
  • Late last year, CNPC revised its oil demand outlook, calling for a peak in consumption in 2025, rather than 2030 as previously forecast.