Crude tanker docked at Yantai port
China’s changing role as an oil consumer
Economic ill-health may be a wake-up call to the world about the Asian nation’s shifting oil buying status
China’s decades-long role as the main engine driving global crude demand appears to be finally easing, as a deepening slowdown marked by weak consumer confidence and an accelerating energy transition weigh on consumption of oil products that have traditionally lubricated growth in the world’s second-largest economy. Chinese demand contracted in July for a fourth straight month, declining by 280,000b/d compared with an increase of c.1m b/d in the previous 12 months, according to the IEA’s latest estimates. In keeping with the trend of recent months, industrial inputs diesel and naphtha remained lacklustre: diesel use in July declined by 310,000b/d year-on-year, to 3.3m b/d, the lowest level s
Also in this section
1 April 2026
Golden Pass’s startup offers QatarEnergy a timely boost but may also force a difficult choice between honouring disrupted contracts and capitalising on soaring spot LNG prices
1 April 2026
It is not a case of if or when, but the length and magnitude of economic damage from elevated oil prices
1 April 2026
The US-Iran conflict demonstrates the need for diversification in several senses of the word. It also exposes the limits of Washington applying pressure on major oil and gas producers it considers geopolitical adversaries
31 March 2026
Disappointing results in its bidding round are a reality check for Libya, and global exploration generally
