China's Oil Demand Likely Peaked Last Year
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China Petroleum & Chemical Corp. (Sinopec) Chairman Hou Qiang stated that domestic oil consumption is very likely to have peaked last year, contrary to previous estimates. This development, driven by clean energy initiatives and electrification, has significant implications for global oil demand and emissions. Despite the decline in fuel demand, Sinopec is diversifying its crude oil sources and ensuring domestic supply needs are met, including safely transporting oil from the Middle East amid regional conflicts.
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