Sinopec, one of China’s largest oil companies, has projected a significant decline in China’s oil demand for 2026, estimating a reduction of 600,000 barrels per day compared to the previous year. This forecast suggests an 8.9% drop in apparent oil demand, aligning with recent trends of weaker demand in the country. Market observers have noted that China’s oil demand may have peaked in the past year. This projection by Sinopec reinforces expectations of reduced demand for crude oil and lower refinery throughput in China. Prediction market pricing indicates a 1.4% probability of crude oil reaching a new all-time high by September 2026.
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