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Market Chatter: PetroChina Sees China's Oil Consumption Falling in 2026

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China's oil consumption is projected to decline 4.9% to 753 million tons in 2026, reversing a 3.6% increase a year earlier, Reuters reported Thursday, citing a report by PetroChina's (HKG:0857, SHA:601857) Planning and Engineering Institute.

The institute forecasts China's crude oil production to rise 0.5% to 217 million tons this year, while refined oil consumption is expected to fall 6.4% to 324 million tons, according to the report.

Overall oil demand is reportedly expected to peak and then decline to around 700 million tons by 2030, though jet fuel consumption is forecast to edge up 0.2%.

PetroChina did not immediately respond to' request for a copy of the report.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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