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
8 January 2026
Indonesia and Malaysia are at the dawn of breathtaking digital capabilities. Their energy infrastructure must keep up with their ambitions
8 January 2026
The next five years will be critical for the North Sea, and it will be policy not geology that will decide the basin’s future
8 January 2026
The region’s access to versatile feedstock, combined with policy support, is setting it up to meet growing demand both at home and abroad
7 January 2026
No longer can the energy source be considered a sidekick to oil in the Middle East and neither should it step aside for less convincing alternatives
