China's Oil Consumption Forecast to Decline by 4.9% in 2026

PetroChina Planning and Engineering Institute · Jul 12, 2026 00:00

PetroChina's research unit projects China's oil consumption to fall by 4.9% in 2026 to 753 million tonnes (approximately 15.1 million barrels per day). This decline is attributed to the country's accelerated shift towards new energy sources and sustained high oil prices due to Middle East tensions.