CNPC think tank predicts China's oil consumption to grow by 1.1% in 2025

China's oil consumption will surge by 1.1% to 765 million tons in 2025 amid economic growth and rising demand for petrochemical products. This was announced by a think tank affiliated with China National Petroleum Corp (CNPC).

An increase in China's petrochemicals consumption will be driven by the development of the country's electric vehicle industry, said Wu Muyuan, a specialist at CNPC's research institute. Production of such cars requires more plastic in comparison with gasoline-powered vehicles.

At the same time, transportation fuel consumption in China has already reached its peak, Wu stated. In the medium term, the use of alternative energy sources will grow faster than expected. The share of electric vehicles and trucks running on liquefied natural gas will also increase.

According to CNPC's forecast, Brent crude oil prices will fall to $65–75 per barrel this year amid a slowdown in the global economy. The think tank's base scenario also assumes that Brent price will be around $60–70 in 2026–2030. However, US President Donald Trump's policies, which could tighten global supply, may add uncertainty to the forecasts.