China is approaching its own peak oil

2 min read 14 Feb 2021, 12:01 AM IST Nathaniel Taplin , The Wall Street Journal

Country’s energy companies are starting to look ahead to demand topping out around mid-decade

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) — 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)**

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.