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

PetroChina Planning and Engineering Institute, Medium · Jul 16, 2026 00:00

PetroChina's research unit forecasts China's oil consumption to drop by 4.9% in 2026, reaching 753 million tons, down from 792 million tons in 2025. This decline, equivalent to approximately 0.8 million barrels per day, is attributed to China's pivot towards new energy sources and sustained high oil prices due to the Iran conflict.