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China's oil consumption peaked in 2023, CNPC says

China's improved oil usage peaked in 2023 at 399 million metric loads (7.98. million barrels each day) and is anticipated to fall 1.3% to 394. million loads in 2024, CNPC Economics & & Innovation Research study. Institute said on Friday.

As an outcome, petroleum imports are anticipated to fall to 544. million lots this year, according to a presentation by the. research study arm of China's biggest oil manufacturer, although the. world's top importer still represents a quarter of worldwide. imports.

CNPC's forecast highlights expectations that China's crude. oil imports are on track to peak next year as transport fuel. need starts to decline for the world's leading crude purchaser, ending. the country's decades-long run as the dominant driver of. expanding oil consumption.

By 2035, China's total refined items consumption is. expected to fall by 25-40% to 240 million to 290 million lots in. 2035 from the 2023 peak, CNPC said.

Gasoline consumption is anticipated to fall to 80 million to. 100 million lots in 2035, down 35-50% from 2023, as electric. lorries are anticipated to comprise half of China's vehicle fleet by. then, it added.

Similarly, the development in trucks powered by alternative fuels. such as electrical energy, melted natural gas and hydrogen, is. anticipated to lower diesel need to 100 million to 120 million. tons in 2035, a 35-50% decrease from 2023, CNPC said.

Jet fuel or kerosene intake will increase by 70% to 60.8. million heaps in 2035 from 2023 on aviation demand, included.

In line with falling fuel demand, China's refining capability. is anticipated to peak in 2028 while its capacity for ethylene, a. basic plastic raw material, could surpass 90 million loads per. year, it added.

Demand for naphtha and liquefied petroleum gas (LPG),. feedstocks for petrochemicals, struck a record 169 million lots. this year and is expected to drive China's oil need going. forward, it added.

Oil-based chemical feedstock need expected to grow by 55%. to 210 million tons in 2035 from 2023, CNPC stated.

(source: Reuters)