Refined oil demand to decline at a faster pace

China's refined oil demand is expected to decline at a faster pace in 2025 as the country's energy transition accelerates, said industry experts.

While China's oil demand outlook was recently raised by 100,000 barrels per day, faster adoption and higher usage of electric vehicles keep gasoline demand on track to fall this year, said Ye Lin, vice-president of oil market research at global consultancy Rystad Energy.

Electric truck sales, together with liquefied natural gas and compressed natural gas trucks, are also penetrating the trucking sector, she said.