Sinopec forecasts China’s petroleum consumption will peak by 2027

CHINA’S petroleum consumption is expected to peak by 2027 at no more than 800 million metric tons, the state energy group said in an outlook released on Thursday.

In terms of production, China’s crude oil output is expected to reach 215 million metric tons in 2025, while its oil refining capacity will reach 960 million to 970 million tons per annum (mtpa), according to the outlook released in Beijing.

Natural gas consumption is forecast at 458 billion cubic metres (bcm) in 2025, up 6.6 per cent on the year, Sinopec said. By 2030, China’s natural gas consumption will reach 570 bcm and plateau in 2035-2040 at around 620 bcm. REUTERS