AlwaysFree: Sinopec Exec Says China’s Crude Oil Demand Will Peak Around 2026

Ma Yongsheng, Sinopec’s acting chairman, said on Thursday that China’s crude oil demand would peak at about 16 million bpd around 2026. Ma noted that crude oil would mostly be used to produce chemicals rather than transportation fuels. He also added that Sinopec would accelerate the transition from oil to chemicals, boost production of high-end materials, promote green business growth, and remove inefficient and energy-intensive capacities. Ma also expects China’s natural gas consumption to peak around 2040 at about 620 Bcm. Gas is projected to be the country’s primary fossil fuel resource around 2050.