Chinese oil demand growth poised to slow
Demand prospects are limited by decelerating economic expansion following the post-pandemic rebound
China’s oil demand growth is set to slow after a record increase last year, when transportation and petrochemicals demand bounced back as the Chinese economy reopened. But softer economic growth, the normalisation of travel patterns and the rise of electric vehicles (EVs) mean the post-pandemic gains will likely fade, moderating demand. China’s oil consumption grew faster than expected in 2023, as the lifting of Covid restrictions unleashed pent-up demand for mobility, particularly domestic air travel. Provisional data indicates Chinese oil demand averaged a new high of 16.4m b/d last year, an increase of 1.7m b/d, or 11.6%, from 2022 that accounted for half of global growth over the same pe
Also in this section
28 March 2025
The Central Asian country is positioning itself as a low-carbon leader, but antiquated infrastructure and a dependence on Russia are holding it back
28 March 2025
MCEDD 2025 took place in Madrid this week with record attendance and a wide-ranging programme, reflecting the deepwater sector’s renewed momentum, strategic focus and accelerating technological innovation.
27 March 2025
Awards celebrate global innovation, leadership and achievement across the energy sector’s people, projects, technologies and companies.
26 March 2025
Well-functioning democracies are required for healthier economies and a thriving oil industry
