• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 12 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 6 days Does Toyota Know Something That We Don’t?
  • 7 hours America should go after China but it should be done in a wise way.
  • 6 days World could get rid of Putin and Russia but nobody is bold enough
  • 8 days China is using Chinese Names of Cities on their Border with Russia.
  • 9 days Russian Officials Voice Concerns About Chinese-Funded Rail Line
  • 9 days OPINION: Putin’s Genocidal Myth A scholarly treatise on the thousands of years of Ukrainian history. RCW
  • 9 days CHINA Economy IMPLODING - Fastest Price Fall in 14 Years & Stock Market Crashes to 5 Year Low
  • 8 days CHINA Economy Disaster - Employee Shortages, Retirement Age, Birth Rate & Ageing Population
  • 9 days Putin and Xi Bet on the Global South
  • 9 days "(Another) Putin Critic 'Falls' Out Of Window, Dies"
  • 10 days United States LNG Exports Reach Third Place
  • 10 days Biden's $2 trillion Plan for Insfrastructure and Jobs
Natural Gas Price Drop Could Spell Doom for Producers

Natural Gas Price Drop Could Spell Doom for Producers

American gas producers have been…

A Signal of Strong Short Term Demand in Oil Markets

A Signal of Strong Short Term Demand in Oil Markets

A significant development this week…

China's Diesel Demand Reaches Peak

China’s demand for diesel has peaked and gasoline demand will soon follow, research from state energy giant CNPC has revealed. Reuters cites CNPC’s research division as also saying that crude oil demand in the country will stop growing at a level of 690 million tons annually—13.8 million bpd—which is set to happen in 2030. Gasoline demand will peak around 2025.

China is currently the world’s biggest crude oil importer, but this may soon change as Beijing tightens environmental regulations, dampening demand for fuels. Economic growth is also slowing, further hurting demand. While economic growth could rebound, the environmental regulations are likely to stay in place as the country battles one of the worst pollution levels in the world.

As part of these efforts, China is shifting from oil towards gas as a fuel for a variety of vehicles, but notably for heavy-duty trucks that account for a large portion of diesel demand in the country and 20 percent of China’s fleet. Electric buses are also growing in popularity in China.

In April, Bloomberg reported that electric bus fleets across Chinese cities are expanding at the rate of 9,500 every five weeks. Last year, 99 percent of all electric buses in the world—some 380,000 of them—were in China. This fleet could displace almost 280,000 bpd in fuel demand in the future.

At the same time, however, Chinese refiners are expanding their processing capacity, which, according to CNPC’s research, will bring about an excess of 50 million tons of fuel by 2050. In the short term, however, things are looking up for refiners: crude oil imports rose by 6 percent in August from July, to the highest level since May, as independent refiners—the so-called teapots—returned to the market after a few months of depressed oil purchases. Domestic production has also been growing: in August; Chinese producers pumped 16 million tons, or 3.77 million bpd.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News