PetroChina forecasts China’s oil consumption will decline in 2026

PetroChina forecasts that China’s oil consumption will fall in 2026. The company attributes the outlook to structural factors including a faster energy transition, higher electric-vehicle penetration, and improved industrial energy efficiency. As the world’s second-largest oil consumer, shifts in China’s demand trend are expected to affect expectations for the global crude supply-demand balance and put downward pressure on international oil prices.