Chinese Oil Demand Is Entering Era of Low Growth, CNPC Says
- Spread of EVs to reduce gasoline usage in top crude importer
- Overall consumption to still expand on petrochemicals growth
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China’s oil demand has entered a low-growth phase as decarbonization starts to eat into consumption of fossil fuels, the country’s biggest energy producer said.
Greater take-up of electric vehicles, as well as trucks powered by liquefied natural gas, will replace about 20 million tons, or 10% to 12% of the country’s gasoline and diesel consumption this year, said Lu Ruquan, president of China National Petroleum Corp.’s Economics & Technology Research Institute.