Last year, China's crude oil imports fell 1.9%, or 240,000 barrels a day, to just over 11mn b/d, marking the first annual decline in two decades barring the disruption caused by the Covid pandemic. According to China National Petroleum Corp, sales of both road fuels peaked in 2023, with sales predicted to fall by 25-40 per cent over the next decade. In other words, the famous Chinese oil boom that helped drive global oil demand growth has finally come to an end. There are a myriad of factors at play here. Over the past couple of decades, China…
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