The crude oil terminal berth in Qingdao, Shandong
China’s new oil position
OPEC, upstream investors and refiners all face strategic shifts now the Asian behemoth is no longer the main engine of global oil demand growth
While India has overtaken China as the primary driver of global oil demand growth, the Middle Kingdom remains the world’s largest crude importer and a vital pillar of global consumption. Any fluctuation in Chinese demand continues to influence worldwide refinery margins, crude price differentials and upstream investment decisions. China’s consistent demand growth is now a thing of the past; growth has decelerated, and the debate over when its oil demand will peak persists, with most experts predicting it will reach its zenith within a few years. This has implications not only for global policymakers but also for OPEC and other major producers. Although oil demand in China recovered in 2023 f
Also in this section
2 March 2026
A potential blockade of the Strait of Hormuz following the escalating US-Iran conflict risks disrupting Qatari LNG exports that underpin global gas markets, exposing Asia and other markets to sharp price spikes, cargo shortages and renewed reliance on dirtier fuels
2 March 2026
The South Asian consumer’s next move could tighten the Middle East oil market overnight
2 March 2026
Canadian independent’s evolving portfolio in Trinidad and Tobago gives it access to the Atlantic LNG market and a close-up view of developments in neighbouring Venezuela
27 February 2026
LNG would serve as a backup supply source as domestic gas declines and the country’s energy system comes under stress during periods of low hydropower output and high energy demand
