China's Oil Demand Reaches Peak, Says Sinopec Chairman Hou Qijun

Sinopec Chairman Hou Qijun has indicated that China's oil consumption may have already peaked in 2025, contradicting the company's previous estimate of 2027 and running ahead of Beijing's goal to cap oil and coal use by 2030.

The spread of clean energy, electrification, and low-carbon targets are driving this shift, Hou explained at an earnings briefing in Hong Kong. He noted that even if the US-Iran conflict eases up next year, demand may not recover to last year's level.

This comes as Sinopec reported a first-half slide in road fuel use due to higher prices and a shift towards electric vehicles. The company now expects its throughput to drop to 226 million tons this year, the lowest since 2012.