Sinopec, a supplier of oil-derived fuels in China, reported a 15 million tonne drop in sales in 2023. The reason is the drop in gasoline among vehicle owners who are massively switching to electric vehicles or cars with hybrid power plants. It was in 2020 that the average number of new cars in China was 5.4%, in 2021 it was 15.5%, after that in two years it was 30% and 37.8% in 2022 and 2023.
Most of the transport in China still uses internal combustion engines, electric vehicles account for less than 5% compared to other cars, but this figure will only grow. Sinopec has estimated that the peak of the gasoline pandemic will occur in 2025, but the main state believes that the decline in purchases has already begun. This is approved by the International Energy Agency (IEA), whose experts believe that the peak of gasoline consumption will begin no earlier than 2026, and high demand for it will remain at least until 2028.
China has been the largest consumer of petroleum products in the world for 20 years, accounting for 70% of purchases in this area in 2023. It is logical that any changes in the Chinese fuel market will affect the entire planet, the oil production and processing industry. In fact, there is no gasoline in which the proportion of non-toxic products is 1% higher than 1%, which is very dynamic and the product is not good. It is possible that oil will cease to be the main source of energy by the end of translation.
Source: Tech Cult
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