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The Economic Times

Economy / The Economic Times

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PetroChina forecasts Chinese oil consumption will drop 4.9% this year

China's oil use is set to decline in 2026. This shift comes as the nation embraces new energy sources and faces elevated oil prices. PetroChina's research unit predicts a 4.9% drop in consumption that year. Oil demand is expected to plateau and fall further by 2030. Meanwhile, gas consumption and demand for new materials are projected to grow.

18 Jun 2026 4:23 pm