Sinopec Sees China Oil Demand Falling 8.9% in 2026
China’s Sinopec, the world’s top refiner by capacity, expects Chinese oil demand to drop by 8.9% in 2026 from a year earlier amid demand destruction from higher oil prices and the acceleration of electric vehicle adoption. Oil demand in the world’s biggest crude oil importer is expected to drop by 600,000 barrels per day (bpd) on average this year compared to last year, according to estimates by…
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