Peak gasoline demand in China is imminent due to electric cars

It seems that the peak of gasoline demand in China is imminent, and it will be early next year, which contradicts previous forecasts that had confirmed reaching that peak in 2025.

The reason for this acceleration is due to the increase in the share of electric cars in the world’s largest polluting country this year compared to previous years.

An early peak in demand for gasoline in China will lead to a large abundance of it, which encourages Chinese refineries to produce more products and export them to the world, according to information reviewed by the specialized energy platform.

The International Energy Agency and the consulting company Rystad Energy (Rystad Energy) has accelerated forecasts on the peak demand for gasoline in China, to be as early as next year 2024.

At the same time, the state companies PetroChina (Petrochina) and Sinopec (Sinopec) predict the arrival of peak demand for gasoline in the Asian country during 2025.