China's Oil Consumption to Peak by 2027, Says Top Refiner Sinopec

OIL AND GAS - BEIJING. China's oil consumption is set to peak by 2027, state refining giant Sinopec said on Thursday, as diesel and gasoline demand weaken in the world's biggest oil importer, a slowdown that has rattled global oil markets this year.

The 2027 peak will top out at no more than 800 million metric tons, or 16 million barrels per day of crude oil, Sinopec said. Last year, Sinopec forecast peak China oil demand, also at 800 million tons, around the middle of 2026-2030.