BEIJING: China’s energy consumption will peak at 4.06 billion tonnes of oil equivalent by 2040, state-owned oil major China National Petroleum Corp (CNPC) forecast on Wednesday, setting the ceiling at a later date and a higher rate than previously expected.
The forecast was issued in CNPC’s annual long-term energy outlook. Last year’s research paper pegged the peak at 2035 and 3.75 billion tonnes of oil equivalent. On Wednesday, it forecast oil demand in the world’s second-largest economy will reach a ceiling at 690 million tonnes a year by 2030. That compares with last year’s estimate of a peak of 670 million tonnes a year by 2027.