Has China already reached peak oil?

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Financial Times 14h ago

Has China already reached peak oil? - Financial Times

Quick Summary:

The country’s demand for crude seems to be plateauing sooner than expected.

Some may disagree on the exact moment when China’s appetite for oil peaks, but the IEA’s Healy says long-term demand is only going in one direction — and producers and oil-exporting countries need to be prepared.“It may still be profitable for them to extract oil and gas from the ground and sell it but it will be a huge reduction in their overall income,” he says.“Given how dependent those countries are on oil and gas exports, that would have massive implications.

While India’s thirst for oil still lags far behind China, Opec believes that the country’s oil use will grow by 1.5mn b/d, roughly three-quarters of China’s additional demand, between 2023 and 2029, while the IEA forecasts Indian oil growth to be 1.2mn b/d by 2030.