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Page added on September 19, 2021

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China’s oil consumption seen peaking around 2026

Consumption

China’s oil consumption is likely to peak around 2026 at about 16 million barrels per day and that of natural gas by around 2040, according to a top executive of Sinopec Corp .

Sinopec’s oil peak forecast echoes a prediction by consultancy Rystad Energy in April that cited rapid adoption of electric vehicles as the main cause for global oil demand to peak over the next five years. read more

Oil will shift eventually to become a raw material for chemicals rather than fuel, Ma Yongsheng, Sinopec’s acting chairman told a seminar in Beijing on Thursday that was confirmed by a company representative on Friday.

The top Asian oil refiner will “forcefully promote” green growth of its refining and petrochemical business and remove inefficient and energy-intensive capacities.

“We will accelerate the transition from oil to chemicals and boost production of high-end materials…and raise lower-carbon feedstocks to cut down the carbon footprint throughput the manufacturing cycle,” said Ma.

The firm aims to have its average single refinery’s crude processing capacity to reach 10 million tonnes per year, or 200,000 bpd, he added, without giving a comparative figure.

China’s natural gas consumption is forecast to peak around 2040, when demand is estimated at 620 billion cubic meters, and it will become China’s top fossil fuel resource around 2050, Ma said.

China sees natural gas a key bridge fuel that is going to expand steadily in demand for the next two decades.

reuters



One Comment on "China’s oil consumption seen peaking around 2026"

  1. Biden's hairplug on Mon, 20th Sep 2021 2:38 am 

    Africa, that’s shanty towns filled with children with hunger edema bellies, right?

    https://www.youtube.com/watch?v=iEJpOf_vLJY

    New railway line in Nigeria (built with Chinese capital and support). Will no doubt be an example for future projects, elsewhere in Africa. I bet this train drives faster than the average US train.

    Eventually, Africa will pick up as well, like the rest of the world and develop.

    After empire, there will be a new run on Africa by Greater Europe and China, competing for spheres of influence, a bit like Britain and France did in the 19th century, culminating in the Fashoda incident…

    https://en.wikipedia.org/wiki/Fashoda_Incident

    …until they discovered they together would be eclipsed soon by Germany on world markets, and decided to bury their 1000-year-old animosity, best symbolized by Jeanne d’Arc and American Independence, and began to plot for the decapitation of Germany, which narrowly succeeded in 1918, poisoning European relations until today and enabling Americans and Soviets to take over the joint.

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