China oil demand to peak by 2030 on petrochemical use: Research

BEIJING: China's oil consumption is expected to keep growing for a decade on robust chemical demand, reaching a peak of about 780 million tonnes per year by 2030, a research institute affiliated with China National Petroleum Corporation (CNPC) said on Sunday (Dec 26). Last year, the research group, called the CNPC Economics & Technology Research Institute (ETRI), said that China's oil demand would peak at 730 million tonnes per year by around 2025. In its latest report, the ETRI said diesel fuel, gasoline and kerosene consumption are forecast to peak sometime around 2025 at about 390 million tonnes per year. The strong petrochemical demand will support rising consumption through to 2030.