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China sees oil product demand peak in 2025

The country’s oil products are expected to enter a final growth stage before reaching its highest levels in the next five years

Top Chinese refiners expect a surge in domestic demand for oil products by 2025 due to the outbreak of the pandemic. It is reported that the demand for electric vehicles will also surge.

The country’s oil products are expected to enter a final growth stage before reaching its highest levels in the next five years. Furthermore, petrol demand in the country will be at a peak in 2025, while diesel demand could be at a peak next year.

China’s oil products’ demand recorded a 7 percent annual slump this year due to the pandemic. The crude oil production among Chinese refiners is expected to remain flat this year at around 13.4 million barrels per day (bpd).

The refinery capacity in the country is expected to surge by 20 million bpd by 2025 despite the expected imminent surge in domestic oil products’ demand. The country is expected to surpass the US as the world’s biggest refiner in 2021 or in 2022. The Chinese refiners added 1 million bpd to existing capacity in 2019. It is reported that the refiners are constructing an additional capacity of 1.4 million bpd.

The new refinery capacity is expected to ramp up the oil product surplus in China and boost the country’s exports of refined petroleum products in 2025. Global refiners are expected to be under pressure as Chinese refiners manage to stay afloat in the market. The pandemic has compelled many refiners to shut down permanently and has hampered the oil global market.

 

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