The many faces of China’s oil demand
While economic weakness and the electric vehicles trend have hit oil demand growth, petrochemicals and jet fuel show more nuanced changes across the barrel
China is the world’s largest oil importer and second-largest consumer. Along with the US and India, it has been a key pillar of demand in recent months. Consequently, any weakness in its demand can significantly impact global oil prices. Even before the start of the tariff dispute with the US, China was dealing with the slow post-pandemic recovery, the real estate market crisis, the emergence of new energy vehicles (NEVs) and increasing petrochemical capacity. Now, it is facing slowing demand in the wake of weaker economic growth as US tariffs take effect. The IMF has revised China’s GDP growth forecast for 2025 to 4.0%, down from 4.6% in the January 2025 edition of the World Economic Outloo
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
