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China Petrochemical Corp (Sinopec)

China Petrochemical Corp (Sinopec)
Smoke rises from chimneys at a Sinopec refinery in Qingdao, Shangdong province.

KONTAN.CO.ID - SINGAPORE. China's oil consumption is likely to peak around 2026 at about 16 million barrels per day and that of natural gas by around 2040, according to a top executive of Sinopec Corp.

Sinopec's oil peak forecast echoes a prediction by consultancy Rystad Energy in April that cited rapid adoption of electric vehicles as the main cause for global oil demand to peak over the next five years.

Oil will shift eventually to become a raw material for chemicals rather than fuel, Ma Yongsheng, Sinopec's acting chairman told a seminar in Beijing on Thursday that was confirmed by a company representative on Friday.

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