According to Sinopec's chairman, when did China's oil demand most likely peak, and how does this compare to earlier forecasts?

Sinopec Chairman Hou Qijun stated that China’s oil demand 'very likely' peaked last year, marking an earlier peak than the company’s previous forecast of 2027 and also ahead of the government’s broader target for oil and coal consumption to reach their limits by 2030. He emphasized that even if geopolitical tensions such as the US-Iran conflict ease and global conditions improve, demand in the coming year is unlikely to return to last year’s level.

What key factors does Sinopec cite for the likely peaking of China's oil demand?

Sinopec attributes the probable peak in oil demand to three interlinked domestic trends: rapid clean energy development, widespread electrification—especially in transport—and national low-carbon policy goals. These structural shifts are already manifesting in sharp declines in road fuel demand during the first half of the year, driven by consumer responses to higher prices and a clear shift toward electric vehicles.

China's Oil Demand 'Very Likely' Peaked Last Year, Sinopec Says

Aug 24, 2026

Sinopec Chairman Hou Qijun stated China's oil demand likely peaked last year, earlier than the 2027 forecast, due to electrification and low-carbon goals. Road fuel consumption fell sharply in H1 as consumers shifted to electric vehicles.

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