China's oil consumption could peak in five years at a daily level of around 16 million barrels, a senior Sinopec executive has forecast, as quoted by Reuters. Ma Yongsheng, acting chairman of the state oil major, also said gas consumption will likely peak around 2040. As for oil, Ma said, over the longer term, the commodity will become primarily a raw material for chemicals rather than for fuels. Sinopec will take an active part in the reduction of China's oil consumption by "forcefully promoting" lower-carbon operations and reducing energy-intensive…
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