What is PetroChina's forecast for China's oil consumption in 2026, and how does it compare to 2025?

PetroChina forecasts China's oil consumption to be 753 million tons in 2026, a 4.9% drop from 2025; this follows a 3.6% increase in oil consumption in 2025.

According to PetroChina's report, what is the projected trend for China's oil demand beyond 2026, and what is the outlook for natural gas demand?

Oil demand is projected to plateau and fall to around 700 million tons by 2030, while natural gas consumption is forecast to reach 440–445 billion cubic metres in 2026 (up from 434.3 bcm in 2025) and further rise to 530–550 bcm by 2030.

PetroChina Forecasts Chinese Oil Consumption to Drop 4.9% in 2026

Jun 18, 2026

PetroChina forecasts China's oil consumption will drop 4.9% to 753 million tons in 2026 amid an energy pivot. Conversely, refining capacity and demand for new materials like POE and carbon fibre are expected to rise.

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