Excerpts:

China’s biggest oil refiner said the country’s gasoline demand had peaked last year and declines would accelerate as the shift to electric vehicles gathers pace.

The institute reiterated a forecast from last year that China’s overall oil demand would top out at around 800 million tons a year no later than 2027.

Chinese diesel demand, which peaked in 2019 and then plateaued, would fall by more than 5% this year, Sinopec said. However, aviation fuel consumption would keep rising through 2040, it said.