China's refined oil consumption peaks in 2023 at 399 million tons

China's refined oil consumption reached a peak of 399 million metric tons in 2023 but is projected to decline by 1.3% to 394 million tons in 2024. This marks a shift in the country's long-standing trend of increasing oil demand. Crude oil imports are expected to decrease to 544 million tons this year. China remains the world's largest oil importer, accounting for a quarter of global imports, but its demand is changing as transport fuel needs decline. By 2035, overall refined products consumption could drop by 25-40% from the 2023 peak. Electric vehicles are anticipated to significantly reduce gasoline and diesel demand, while jet fuel consumption is expected to rise due to increased aviation activity.