China’s oil consumption peaked in 2023
According to Mehr News Agency to According to Reuters, China National Petroleum Corporation (CNPC) Research Institute of Economics and Technology announced on Friday (December 23) that oil consumption in Chinese refineries will reach 399 million tons (7 million per day) in 2023. 980 thousand barrels) And it reached its peak and this figure is expected to reach 394 million tons in 2024 with a 1.3 percent drop.
China’s crude oil imports are expected to reach 544 million tons this year, although the world’s largest oil importer still accounts for a quarter of global imports, according to data from research arm CNPC.
The estimates of the China National Oil Company indicate that the country’s crude oil imports are on the way to peak next year, as fuel demand from the transportation sector in the world’s largest buyer of crude oil begins to decline and to The long period of this Asian country as the main driver of increasing oil consumption ends.
China National Petroleum Corporation announced: It is expected that by 2035, the consumption of Chinese petroleum products will drop by 25-40% to reach 240 million to 290 million tons annually, which is compared to the peak of 2023.
The estimates of the China National Petroleum Corporation Research Institute show that the country’s gasoline consumption will reach 80-100 million tons per year in 2035, which will decrease by 35-50% compared to 2023, because it is expected that electric cars will be used by then. make up half of China’s car fleet.
The forecast also shows that the increase in the number of trucks that run on alternative fuels such as electricity, liquefied natural gas and hydrogen will increase the demand for diesel to 100-120 million tons in 2035, a decrease of 35 percent compared to 2023. It tells about 50%.
According to the estimates of the research arm of the China National Oil Company, the consumption of jet fuel or kerosene in 2035 will reach 60 million and 800 thousand tons from 2023 with an increase of 70%.
In line with figures related to declining fuel demand, China’s oil refining capacity is expected to peak in 2028, while the country’s ethylene production capacity will exceed 90 million tons per year.
Demand for naphtha and liquefied petroleum gas (LPG), feedstocks for petrochemicals, hit a record 169 million tons this year and are expected to boost China’s oil demand in the future. .
China National Petroleum Corporation announced that the demand for oil-based chemical raw materials is expected to reach 210 million tons in 2023 with a 55% growth this year.
