PetroChina forecasts Chinese oil consumption will drop 4.9% this year

China's oil use is set to decline in 2026. This shift comes as the nation embraces new energy sources and faces elevated oil prices. PetroChina's research unit predicts a 4.9% drop in consumption that year. Oil demand is expected to plateau and fall further by 2030. Meanwhile, gas consumption and demand for new materials are projected to grow.