Petroleum demand forecast to peak by 2029
Financial services provider UBS Securities recently predicted a peak in Chinese petroleum demand by 2029 and negative growth after 2030.
Notably, China's gasoline and diesel demand, two essential products in petroleum refining, have already hit their peaks, according to UBS Securities.
Amily Guo, the China refining and chemicals analyst at UBS Securities, said factors influencing petroleum demand in China include the rapid rise of electric vehicles, liquefied natural gas powered heavy trucks, and the adoption of new energy sources like hydrogen.