Aerial view of a Liquefied Natural Gas (LNG) tanker moored to the jetty, Zhoushan, Zhejiang province, China. Photo Credit: Yaorusheng/Getty Images
Environment ChinaWe’re Expecting Less and Less Oil Demand Here
Demand for oil products in China will decrease in the coming years.
An oil researcher in China forecasts that the demand for oil products will decline by 1.3 percent in 2024, following its peak in 2023. Then, it will continue to decrease by an average of 2.7 percent annually from 2025 through 2030.
Liquified natural gas (LNG) is one way China reduces oil use. Their transition to an LNG trucking fleet displaced about 280,000 barrels of diesel daily in 2024. Electric vehicles are further reducing oil demand and are expected to reach 40 per cent of all new car sales this year—up from 29 per cent in 2023. Slowly but surely, China is progressing tremendously toward a greener, more sustainable world.
