China\u2019s demand for crude oil is expected to peak in the coming years, a scenario set to further reshape the global energy market following the Strait of Hormuz crisis.<\/p>\n
The shift was due to Beijing\u2019s massive efforts to develop renewable energy while also revamping the country\u2019s transport sector by becoming the world\u2019s largest producer and user of electric vehicles.<\/p>\n
China has been the biggest driver of global oil demand since the 2000s, but its demand will peak over the next five years as a result of the country\u2019s electrification push, said Dai Jiaquan, chief economist of the CNPC Economics and Technology Research Institute, at an event in Hong Kong on Monday.<\/p>\n
China now faced a different challenge at home: persistent refining overcapacity, said Dai. Domestic crude demand was estimated at 750 million to 800 million tonnes per year, compared with refining capacity of 900 million to 1 billion tonnes.<\/p>\n
Disruptions in the Strait of Hormuz had reshaped global supply and demand this year, pushing the market from an expected surplus into a supply deficit.<\/p>\n
\u201cDomestic refining capacity is undoubtedly excessive,\u201d he said.<\/p>\n","protected":false},"excerpt":{"rendered":"China\u2019s demand for crude oil is expected to peak in the coming years, a scenario set to further…\n","protected":false},"author":2,"featured_media":748660,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[36],"tags":[550,28,144,294910,321193,321191,101,321192,5425,129,126121,309814,210369,25],"class_list":["post-748659","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy","tag-beijing","tag-business","tag-china","tag-china-national-petroleum-corporation","tag-cnpc-economics-and-technology-research-institute","tag-dai-jiaquan","tag-economy","tag-gavekal","tag-hong-kong","tag-middle-east","tag-organisation-of-petroleum-exporting-countries","tag-petrochina","tag-strait-of-hormuz","tag-us"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts\/748659","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/comments?post=748659"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts\/748659\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/media\/748660"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/media?parent=748659"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/categories?post=748659"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/tags?post=748659"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}