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The Economic Times
The Economic Times
National

PetroChina forecasts Chinese oil consumption will drop 4.9% this year

PetroChina Oil China

Beijing: China's oil consumption is expected ​to drop in 2026 ​amid a pivot to new energy and high oil prices ​due to the Iran war, according to a report published by PetroChina's research unit.

China, the world's second-largest oil consumer, is forecast to consume 753 million tons of oil ‌in 2026, a ⁠4.9% ⁠drop from 2025 when consumption rose by 3.6%, according to a report by PetroChina Planning and ​Engineering Institute.

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