China's Oil Consumption Expected to Peak Around 2026

China's consumption of refined oil products has already peaked, while demand for oil used in chemical production is projected to continue growing. The nation's overall oil consumption is forecast to reach its peak around 2026. Future energy policy will adhere to the principle of 'establishing the new before phasing out the old,' focusing on strengthening the construction of energy production, supply, reserve, and sales systems, and advancing the development of non-fossil energy. This marks a critical stage in China's energy structure transition, with fossil fuel demand growth nearing its peak and energy security and non-fossil energy substitution becoming the core of policy focus.