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.

CHINA’S petroleum consumption is expected to peak by 2027 at no more than 800 million metric tons, the state energy group said in an outlook released on Thursday. Read more at The Business Times.

China's refined oil consumption peaked in 2023 at 399 million metric tons (7.98 million barrels per day) and is expected to fall 1.3% to 394 million tons in 2024, CNPC Economics & Technology Research Institute said on Friday.

China’s biggest oil refiner said the country’s gasoline demand had peaked last year and declines would accelerate as the shift to electric vehicles gathers pace.