China's Oil Demand Expected to Decline for the Third Consecutive Year

According to a report prepared by the Sinopec Economics and Development Research Institute, China's oil demand is projected to decrease by 600,000 barrels per day in 2026. This situation indicates that the country's oil consumption will decline for the third consecutive year.

Daily Demand and Consumption Figures

According to data in the Sinopec report, China's oil demand is expected to drop by 8.9 percent in 2026 compared to the previous year. The fact that the country's oil consumption will decline for the third consecutive year is drawing attention in the markets.

Changes by Fuel Types

Sinopec forecasts that gasoline demand will decrease by 8.7 percent and diesel demand by 11.4 percent this year. In contrast, jet fuel demand is estimated to increase by 1.3 percent, reaching 41.55 million tons.

Main Drivers Behind the Decline

High oil prices and the rapid spread of electric vehicles are among the main reasons for the drop in demand in China. The replacement of traditional vehicles by electric cars is also affecting carbon emissions.

Global Markets and Import Data

The contraction in demand in China, the world's largest oil importer, offsets the impact of tensions in the Middle East on prices. Customs data also confirms the decline in crude oil imports.