September 09, 2026 [Oil Price]- Sinopec, China’s leading oil refiner, forecasts an 8.9% decline in domestic oil demand for 2026 due to high prices and increased electric vehicle adoption. The company’s research indicates an average drop of 600,000 barrels per day this year, with gasoline and diesel consumption expected to fall by 8.7% and 11.4%, respectively. Conversely, jet fuel demand is projected to rise by 1.3%. Sinopec plans to invest more in new energy and chemicals to adapt to these changes, as domestic fuel sales have reached their lowest level in nearly a decade.

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