China's 2026 Oil Consumption Forecast to Drop by 4.9%

PetroChina Planning and Engineering Institute, Investing.com · Jul 04, 2026 00:00

China's oil consumption is projected to decrease by 4.9% in 2026 to 753 million tons, a significant shift from 3.6% growth in 2025. This decline is attributed to the country's pivot towards new energy sources and elevated oil prices from the recent Iran conflict. Refined oil consumption is also forecast to drop by 6.4%.