Chinese oil demand growth poised to slow
Demand prospects are limited by decelerating economic expansion following the post-pandemic rebound
China’s oil demand growth is set to slow after a record increase last year, when transportation and petrochemicals demand bounced back as the Chinese economy reopened. But softer economic growth, the normalisation of travel patterns and the rise of electric vehicles (EVs) mean the post-pandemic gains will likely fade, moderating demand. China’s oil consumption grew faster than expected in 2023, as the lifting of Covid restrictions unleashed pent-up demand for mobility, particularly domestic air travel. Provisional data indicates Chinese oil demand averaged a new high of 16.4m b/d last year, an increase of 1.7m b/d, or 11.6%, from 2022 that accounted for half of global growth over the same pe
Also in this section
2 April 2026
Alongside a rapid continued build-out of renewables, China’s latest five-year plan stresses the value of domestic hydrocarbon production for energy security and calls for increased Russian gas imports
2 April 2026
The government is taking important steps to revive domestic production, lift investment and benefit from the geopolitical crisis even if more needs to be done in the longer term
1 April 2026
Golden Pass’s startup offers QatarEnergy a timely boost but may also force a difficult choice between honouring disrupted contracts and capitalising on soaring spot LNG prices
1 April 2026
It is not a case of if or when, but the length and magnitude of economic damage from elevated oil prices
