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

MT Newswires Live2024-12-20

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.)

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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