“Plenty of people are talking about the peak in Chinese coal, but not many are talking about the peak in Chinese diesel demand, or Chinese oil generally,” said Mark C. Lewis, an analyst at financial services company Kepler Cheuvreux in Paris.
For diesel, the peak in China’s demand is just two years away in 2017, Fu Chengyu, the chairman of state-owned China Petroleum & Chemical Corporation, or Sinopec, said, speaking at a conference call on March 23. Petrol sales are expected to reach their high point in about a decade, he said.
The projections by Sinopec may pose a challenge to the large oil companies, which are counting on demand from China and other developing countries, with energy consumption falling in more developed economies. China’s diesel demand declined last year, and crude oil usage is projected to increase by about only 3 percent this year.
The UK's hydrocarbons regulator has awarded 31 new exploration licences in the country's North Sea waters, Reuters reported on Friday Read More
ExxonMobil announced the closing of its USD 60-billion acquisition of Pioneer Natural Resources on Friday, a move that solidifies its… Read More
BP-Eni joint venture Azule Energy has entered a strategic farm-in agreement with Rhino Resources in Namibia's offshore Orange Basin, the… Read More
Africa-focused energy group Chariot has spudded the RZK-1 exploration well on the Gaufrette prospect at the Loukos Onshore licence in… Read More
Touchstone Exploration has acquired Trinidad-focused Trinity Exploration & Production in an all-shares deal, the Canadian upstream player said on Wednesday Read More
ExxonMobil is "optimistic and pushing forward" with the Rovuma LNG project in Mozambique and eyes an FID by the year's… Read More
This website uses cookies.