China learns to live on less fuel, to the relief of oil markets - Reuters

<a href="https://news.google.com/rss/articles/CBMinwFBVV95cUxNRmJmNHk1akxrVzVuRmc0cmxZYkh5anRaOEtSQ0FLTWhfdVlYWXpkbjRNNGxmOWpLM18tdl9WZm1mbUg1bWxPekVLSjZFdm1rUjZDakhIdTN6WG9IS1JnYmw0VnZEeDgyLVRGTlIyd2VrZ09YWHhXN0RVamdjR1NnalpGTHN3bXZFYlJRRVdZY1BaX3BJLUdKZ092eEx0aDg?oc=5" target="_blank">China learns to live on less fuel, to the relief of oil markets</a>&nbsp;&nbsp;<font color="#6f6f6f">Reuters</font>

China's fuel demand has unexpectedly dropped significantly, with gasoline and diesel sales falling as consumers shift to electric vehicles and public transport. This behavioral change, driven by higher fuel prices and the property crisis, is leading to reduced crude oil imports and has major implications for global oil markets.

China's gasoline and diesel demand has been falling for years as electric vehicles gained market share and economic growth slowed. The latest drop has surprised even seasoned observers, with gasoline sales at Sinopec falling 8% year over year in April, and diesel sales dropping 6%. Goldman Sachs estimates that consumption of gasoline and related products may have fallen by as much as 20%.

China's oil and gas sector is proactively adapting to a changing energy landscape, balancing stringent carbon emissions targets with the crucial need for energy security. As domestic petroleum demand nears its peak, the sector is actively forging a modern oil and gas industry that harmonizes energy security with a green, low-carbon transition.

China's oil refiners are experiencing low profits and are considering reducing operations due to an oversupply of fuel.

China's National Development and Reform Commission has instructed oil refiners to reduce fuel production and focus more on petrochemical products.

China's push to reduce fuel production may impact global oil demand, especially as the country seeks to increase chemical output.