Sinopec Forecasts 8.9% Drop in China Oil Demand for 2026

Sinopec's research arm projects Chinese oil demand will fall 8.9% in 2026, driven by high prices and EV adoption, with gasoline down 8.7% and diesel declining sharply. This marks a structural shift in the world's largest crude importer, potentially reshaping global oil balances. The forecast is a company estimate, not official data, and actual demand may vary.