CNPC Sees China’s Oil Demand Rising by 1.1% in 2025

Stronger economic growth than previously expected and booming demand for petrochemicals will lift China’s oil demand by 1.1% this year, according to state giant China National Petroleum Corporation (CNPC). Chinese oil consumption is expected to reach 765 million metric tons this year, CNPC’s Economics and Technology Research Institute (ETRI) said in a new outlook cited by Reuters on Tuesday. This consumption figure is equal to about 15.36 million barrels per day (bpd) in a conversion with a ton-to-barrel ratio of 7.33. China’s…