China is the second largest consumer of crude oil, ranked behind the U.S, but China requires more than 10 million bpd of crude imports to satisfy their *16 million bpd appetite. This significant hunger for crude oil has put China at the very top of global crude oil imports.
The Chinese economy has struggled to hit the pre-pandemic growth trajectory, which is reflected heavily in its oil demand. According to the International Energy Agency (IEA), China`s projected growth in the period between 2025 and 2030 is estimated at 570 kbpd. The worlds biggest importer of crude oil is moving quickly with decarbonizing road transport, with leading numbers in electric vehicles (EVs) deployed.
China looks poised to hit peak demand by the end of the decade and will start plateauing by 2030. Diesel is still the most popular refined product in China, although there was a 2.5 percent dent in demand in the first half of this year to approximately 4 million bpd with slowing economic growth. China is looking to displace a big part of their diesel-truck fleet with LNG power vehicles- and BSC Energy Consulting estimates China could end up with 850 000 LNG-fueled trucks on the road by the end of 2024.
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