Sinopec Research Forecasts China Oil Demand to Drop in 2026
Sinopec’s research arm expects China’s oil demand to fall 600,000 barrels a day, or 8.9%, in 2026 for a third straight annual decline. Gasoline and diesel consumption are forecast to drop, while jet fuel rises slightly. It also projects refining capacity to shrink up to 5.5% by 2030, despite higher 2026 crude processing.