Oil Consumption In China To Peak In 2026 With Drop Afterward - Petrochemical Group

Oil Consumption in China to Peak in 2026 With Drop Afterward - Petrochemical Group

China's oil consumption is forecast to grow until 2026, but will steadily decline thereafter, the Sina news portal of China reported, citing the national petrochemical organization Sinopec

BEIJING (Pakistan Point News / Sputnik - 17th September, 2021) China's oil consumption is forecast to grow until 2026, but will steadily decline thereafter, the Sina news portal of China reported, citing the national petrochemical organization Sinopec.

"Oil consumption in China will reach a peak in approximately 2026, which, on average, outpaces the world level by four years. The peak is expected to stand at about 800 million tonnes, and then the consumption will decline year after year," the Sinopec chief, Ma Yongsheng, said.

The head of the corporation also stated that natural gas consumption in China will keep rising over the next two decades. Peak consumption will be fixed in 2040 at 620 billion cubic meters (21,895.1 billion cubic feet), according to Ma's forecast, but then will gradually decline.

On September 8, US drilling services company Baker Hughes said the global oil and natural gas markets would see a growing demand in 2022 and beyond, in spite of the economic crisis caused by the pandemic.