Researcher Claims China’s Oil Product Demand Peaked in 2023

China’s oil product demand peaked last year and is set to drop this year and accelerate the decline in the coming years, a China oil researcher told Reuters on the condition of anonymity. Chinese demand for petroleum products hit its peak in 2023 and is now set to drop by 1.1% annually through 2025, according to the researcher. The decline is expected to accelerate later this decade, when China’s oil product demand is seen falling by 2.7% annually from 2025 to 2030, and by 3.2% every year between 2030 and 2035. Analysts and oil industry…