State researcher: China's oil demand will plateau in 2030.
A research group affiliated with the state 'oil'major CNPC announced on Thursday that China's oil consumption will?plateau? between 2025 and 2030 as electric vehicles reduce the demand for gasoline and Diesel.
Haibo Wang is the director of oil?market?research for CNPC Economics & Technology Research Institute. She said that most of China's additional demand for oil came from jet -fuel and petrochemicals.
He added that the apparent consumption of oil is expected to rise to 760 million tonnes in 2025. This represents a 0.9% increase over 'the previous year. However, demand will stabilise next year and remain above 700 millions tons until 2030.
The research unit predicted that the oil demand would reach 770 millions tons by 2025 before falling to 240 millions?by 2060.
Sinopec, a state-owned refiner, stated in September that it expects the total oil demand to peak by 2027.
The CNPC Research?group said that the peak in natural gas demand is expected to be between 2035 and 2045, at 620 to 650 billion 'cubic meters.
The company also increased its forecast of oil consumption for the production of chemicals and new materials, which is expected to reach 290 million tonnes in 2050. This is a 57% increase from this year. (Reporting from Colleen Waye and Sam Li in Beijing, Editing by Clarence Fernandez.)
(source: Reuters)
