Market Chatter: Sinopec Expects China to Reach Peak Oil Consumption in 2027

MT Newswires Live

2024-12-20

China Petroleum & Chemical (SHA:600028, HKG:0386), or Sinopec, expected China's petroleum consumption to peak in 2027 at no more than 800 million metric tons, Reuters reported Thursday.

In 2023, Sinopec forecasted the country's oil demand, also at 800 million tons, to peak in the middle of 2026 to 2030, according to the report.

China's energy sector is facing uncertainty in 2025, which stemmed from President-elect Donald Trump's return to the White House amid higher prospects of trade tensions and potential disruption to Iranian oil exports, Reuters cited Wang Pei, deputy general manager of the Sinopec Economics and Development Research Institute, as saying.

Sinopec expected China to consume 750 million tons of oil in 2024, down 10 million tons from 2023 amid a decline in demand, the news agency wrote.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)</p>\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK0274","symbol_name":"油氣開採","start_time":0,"source_url":"https://www.mtnewswires.com/","article_id":"2492074461","we_media_id":"1092851196","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2492074461","pubTimestamp":1734677051,"columns":[],"sourceInfo":{"source_id":"mtnewswires_news","name":"MT Newswires"},"weMediaInfo":{"media_name":"MT Newswires Live","introduction":"The most recognized names in North America, Europe and Asia rely on MT Newswires to power their applications. 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