China's oil consumption peaks in 2023 as demand trends shift

China's refined oil consumption reached a peak of 399 million metric tons in 2023, according to CNPC. The consumption is projected to decline by 1.3% to 394 million tons in 2024, marking a shift in demand trends. Crude oil imports are expected to decrease to 544 million tons this year. This change indicates that China's role as the leading driver of global oil consumption is diminishing, with forecasts suggesting imports may peak next year. By 2035, overall refined product consumption could drop by 25-40% to between 240 million and 290 million tons. Electric vehicles and alternative fuel trucks are anticipated to significantly reduce gasoline and diesel demand during this period.