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.
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