The world’s top oil importer, China, could be just years away from its own peak in domestic demand for oil products, Chinese refiners have started to warn, but consumer preferences and government policies about transport electrification and support for EVs are likely to determine whether Chinese domestic oil consumption will peak around 2025. China’s largest refiner, Sinopec, said at the end of last year that domestic demand for oil products would peak by 2025 due to COVID impacts and the rise of electric vehicles, Argus reported, 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 […]