Crude tanker docked at Yantai port
China’s changing role as an oil consumer
Economic ill-health may be a wake-up call to the world about the Asian nation’s shifting oil buying status
China’s decades-long role as the main engine driving global crude demand appears to be finally easing, as a deepening slowdown marked by weak consumer confidence and an accelerating energy transition weigh on consumption of oil products that have traditionally lubricated growth in the world’s second-largest economy. Chinese demand contracted in July for a fourth straight month, declining by 280,000b/d compared with an increase of c.1m b/d in the previous 12 months, according to the IEA’s latest estimates. In keeping with the trend of recent months, industrial inputs diesel and naphtha remained lacklustre: diesel use in July declined by 310,000b/d year-on-year, to 3.3m b/d, the lowest level s
Also in this section
6 February 2026
The long close relationship between key supplier Qatar and pivotal buyer Japan becomes even deeper following new landmark deal
6 February 2026
Partnerships across the LNG value chain have evolved over time, growing in both complexity and importance, according to panellists at LNG2026
6 February 2026
Nigeria's mega-refinery is still trying to solve many challenges, all while its owner talks up expansion
5 February 2026
While broadly supportive of EU efforts to tackle methane emissions, representatives of the gas industry warn it could deter supply contracting if timelines and compliance requirements are not made more pragmatic
