Diesel Dominates 2026 Fuel Drop in China
Sinopec Institute predicts a decrease in China's oil consumption in 2026 by about 600,000 barrels per day, or 8.9% compared to the previous year, marking the third consecutive year of decline. This is attributed to rising crude oil prices and the growing adoption of electric vehicles, which has led to an 8.7% drop in gasoline consumption to 149 million tons, and an 11.4% decrease in diesel use to 164 million tons, especially in the transportation sectors. Conversely, jet fuel consumption is expected to increase by 1.3% to 41.55 million tons, despite refinery output declining to 952 million tons and the amount of crude oil processed falling to 697 million tons.
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