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
24 December 2025
As activity in the US Gulf has stagnated at a lower level, the government is taking steps to encourage fresh exploration and bolster field development work
23 December 2025
The new government has brought stability and security to the country, with the door now open to international investment
23 December 2025
A third wave of LNG supply is coming, and with it a likely oversupply of the fuel by 2028
22 December 2025
Weakening climate resolve in the developed world and rapidly growing demand in developing countries means peak oil is still a long way away
