Inspection officers check a tanker carrying imported crude oil at the port in Qingdao
Chinese refiners face moment of truth
Changing oil demand patterns mean different downstream economics amid switch to naphtha, LPG and other petrochemicals
China welcomed the Year of the Snake in late January, ushering in a zodiac animal that, through the shedding of old skin, symbolises renewal or reinvention. The metaphor can be extended to the country’s vast oil refining sector, which will need to undergo its own transformation in coming years as Chinese crude demand nears a peak. China’s top-two NOCs have in recent weeks signalled that the world’s biggest oil importer is nearing peak consumption sooner than expected as gasoline and diesel consumption continue to wane. Oil demand could peak as early as this year, at c.770mt, according to a forecast in February from CNPC’s Economics and Technology Research Institute, a thinktank under China’s
Also in this section
6 February 2026
The long close relationship between key supplier Qatar and pivotal buyer Japan becomes even deeper following new landmark deal
6 February 2026
Partnerships across the LNG value chain have evolved over time, growing in both complexity and importance, according to panellists at LNG2026
6 February 2026
Nigeria's mega-refinery is still trying to solve many challenges, all while its owner talks up expansion
5 February 2026
While broadly supportive of EU efforts to tackle methane emissions, representatives of the gas industry warn it could deter supply contracting if timelines and compliance requirements are not made more pragmatic
