China’s Oil Consumption Will Peak by 2030 as Demand Remains Strong
Oil consumption in China is expected to keep growing through 2030 on robust chemical demand, according to a Chinese research institute.
CNPC Economics & Technology Research Institute (ETRI), a research institute affiliated with China National Petroleum Corp (CNPC), said on Sunday that oil consumption in China would reach its peak of about 780 million tonnes per year by 2030, supported by strong petrochemical demand. Diesel fuel, gasoline and kerosene consumption are estimated to reach their peak sometime around 2025 at about 390 million tonnes per year.
After reaching its peak in 2030, ETRI expected demand to fall, taking over by the coming of electric vehicles.
Meanwhile, Coal consumption in China would enter a plateau at around 3.6 to 4 billion tonnes in 2021 to 2030 and that the use of the dirty fossil fuel would decrease steadily in 2031 to 2050 as coal-fired power plants become a back-up energy source.
Lastly, the consumption of natural gas will peak by 2040 at about 650 billion cubic metres per year.
