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China, the world’s largest oil importer, is projected to hit its  oil consumption peak by 2027 , driven by the  shift to electric vehicles (EVs)  and  liquefied natural gas (LNG) -powered trucks, according to Sinopec, Asia's largest refiner. Key Highlights Oil Demand Peaks 2027 Peak : Oil consumption will plateau at  800 million metric tonnes  (~16 million barrels per day). 2024 Outlook : Demand is projected to drop to  750 million tonnes , marking only the  second decline in two decades . Key Factors Behind the Peak Shift to Cleaner Energy : Electric Vehicles : Displacing  26 million tonnes of gasoline  (~15% of total consumption). Gasoline demand set to decline  2.4% to 173 million tonnes by 2025 . LNG-Fueled Trucks : Account for  22% of truck sales  in 2024. Diesel demand expected to drop  5.5% to 174 million tonnes by 2025 . Sectoral Shifts : By 2060, the  petrochemical sector  will consume  55% of ...

Sinopec, the world’s largest refiner by capacity, reported a 52.1% year-on-year decline in net profit for the third quarter, falling to 8.54 billion yuan (US$1.2 billion or RM5.2 billion) . The sharp decline in profits was primarily attributed to lower oil prices and weaker refining margins . The company’s third-quarter revenue dropped 9.8% from the previous year, reaching 790.4 billion yuan , according to a stock market filing on Monday. While Sinopec struggled with lower earnings, its domestic peer, CNOOC , saw a 9% increase in quarterly profit, amounting to 36.93 billion yuan , driven by higher output that compensated for lower prices. From January to September , Sinopec processed 190.69 million metric tonnes of crude oil , marking a 1.6% decline year-on-year. The output of refined fuels also fell by 0.8% to 116.6 million tonnes during the same period. Diesel production dropped 10.7% , while gasoline output rose 4.1% and jet fuel production increased 10.5% . Despite the c...