Crude tanker docked at Yantai port
China’s changing role as an oil consumer
Economic ill-health may be a wake-up call to the world about the Asian nation’s shifting oil buying status
China’s decades-long role as the main engine driving global crude demand appears to be finally easing, as a deepening slowdown marked by weak consumer confidence and an accelerating energy transition weigh on consumption of oil products that have traditionally lubricated growth in the world’s second-largest economy. Chinese demand contracted in July for a fourth straight month, declining by 280,000b/d compared with an increase of c.1m b/d in the previous 12 months, according to the IEA’s latest estimates. In keeping with the trend of recent months, industrial inputs diesel and naphtha remained lacklustre: diesel use in July declined by 310,000b/d year-on-year, to 3.3m b/d, the lowest level s
Also in this section
19 May 2025
The two Gulf states are combining fossil fuel production with ambitions to become leaders in low-carbon energy
15 May 2025
Financial problems, lack of exploration success and political dogma cause uncertainty across much of the region
14 May 2025
The invisible hand of the market has seen increasing transparency but much more needs to be done to build a better understanding
13 May 2025
A fall in Venezuelan output drives overall production lower, as Saudi Arabia starts to slowly bring more crude to the market
