China’s largest refiner, Sinopec, expects domestic demand for oil products to peak by 2025 due to COVID impacts and the rise of electric vehicles, Argus reported on Friday, citing Sinopec’s research think-tank as saying in its annual report. “China’s oil products will enter a final growth phase before peaking in the next five years,” the Economics and Development Research Institute (EDRI) at Sinopec said, as carried by Argus. According to the research institute, gasoline demand in China will likely peak in 2025, while demand for diesel could peak as soon as next year. In 2020, Chinese oil product demand is seen down by 7 percent annually, EDRI said, as the pandemic cut consumption in China first. Crude oil throughput at Chinese refineries, on the other hand, are expected to remain flat year over year in 2020, at around 13.4 million barrels per day (bpd), the think-tank forecasts. Despite the […]