China is approaching its own peak oil
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One significant headwind is Chinese consumers’ rising preference for bigger, heavier vehicles a trend that has been reinforced by rising incomes and cheap oil over the past half-decade.
(REUTERS)
Nathaniel Taplin
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Big Oil has become used to a ravenous China. But Chinese energy companies are starting to look ahead to an overall peak in oil demand around mid-decade. Sinopec, China’s largest refiner, estimated in December that the nation’s demand for oil products will peak in 2025.
While that might yet prove ambitious, a confluence of events over the past year suggests that the peak in China could still arrive before too long.