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China’s new oil position
OPEC, upstream investors and refiners all face strategic shifts now the Asian behemoth is no longer the main engine of global oil demand growth
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Beth McLoughlin
20 June 2017
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Energy demand stayed low in 2016, as the fuel mix shifted towards cleaner energy sources

China and India accounted for almost all the growth, says BP, and global emissions were flat for the second year in a row

Long-term, irreversible changes in world energy markets were evident in 2016, found BP's 66th statistical review, out now. The British oil and gas company found that while energy consumption grew by just 1%—compared with a 10-year average of 1.8%—this growth was almost entirely sustained by developing countries, especially India and China. The relatively low rate of demand can be partly explained, BP said, by the weak economic growth in China last year, and especially a slowdown in its iron, steel and cement industries. Global GDP only grew by 3%, its slowest rate since 2002. China surpassed the US as the biggest renewable producer in the world, while BP chief economist Spencer Dale said it

Also in this section
China’s new oil position
26 February 2026
OPEC, upstream investors and refiners all face strategic shifts now the Asian behemoth is no longer the main engine of global oil demand growth
The AI industry’s coming dominance of oil and gas
25 February 2026
Tech giants rather than oil majors could soon upend hydrocarbon markets, starting with North America
HPI Market Data Book 2026: Global construction – Americas
25 February 2026
Capex is concentrated in gas processing and LNG in the US, while in Canada the reverse is true
HPI Market Data Book 2026: Global construction – Asia-Pacific
25 February 2026
The surge in demand for fuel and petrochemical products in Asia has led to significant expansion in refining and petrochemicals capacities, with India and China leading the way

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