Foreign Media: China's Oil Demand Expected to Peak in 2027
China National Petroleum Research Institute said that the total demand for all petroleum products in China is expected to reach its peak in 2027. This year's demand will increase by about 100,000 barrels per day, mainly driven by the petrochemical industry. However, due to a surge in electric vehicle usage, fuel demand is suppressed, and it is expected to replace at least 582,000 barrels per day (about 25 million tons) of gasoline consumption this year.
The capacity utilization rate of domestic independent small refineries this year is only 45%, lower than 60% last year and 70% in 2023. Long-term growth in petrochemical demand, with ethylene demand increasing by 8% this year and propylene demand increasing by 7%. It is expected that these will not reach their peak before 2050.
The use of liquefied natural gas in heavy trucks is expected to replace 775,000 barrels per day (about 38 million tons) of diesel by 2030. The demand for petrochemical feedstock oil is expected to reach 230 million tons per year by 2030.
Original: www.toutiao.com/article/1842690532755463/
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