China's oil demand to peak in 2027, energy watchdog says

Nikkei Asia · last updated June 17, 2025 – 1:23 PM

TOKYO — China’s oil demand is set to peak in 2027, the International Energy Agency said, a trend that it calls a “fundamental transformation” in the global energy market.

China has accounted for 60% of the growth in global oil demand in the past decade and slowing demand in the world’s second largest economy is set to contribute to a significant surplus in oil by the end of this one, according to the energy watchdog’s annual forecast on the medium term oil market.

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