China’s oil demand probably peaked last year, earlier than previous estimates, according to the head of the nation’s top refiner.
Clean energy development, electrification and low-carbon goals mean that the country’s oil demand has probably already crested, Sinopec Chairman Hou Qijun said Monday at an earnings briefing in Hong Kong. The company had previously forecast usage to top out in 2027, while the government is targeting oil and coal consumption to reach their limits during the current five-year plan period, which runs through 2030.