Oil demand set to slow

Move toward energy efficiency, quality to drive down gasoline, diesel usage

Despite oil demand rising 5.5 percent year-on-year to 11.77 million barrels per day in 2017, oil consumption, including gasoline and diesel, is expected to fall gradually over the next five to seven years, as China focuses more on energy efficiency and quality.

Li Li, energy research director at ICIS China, said despite the fact that peak consumption of oil is yet to come and gasoline and diesel are still dominant in the transportation sector, consumption growth has been slowing in recent years.