China's oil consumption is set to peak by 2027, according to state refining giant Sinopec. Diesel and gasoline demand are expected to weaken, causing a slowdown in the world's biggest oil importer. The peak is projected to be no more than 800 million metric tons, or 16 million barrels per day of crude oil. The shift towards electric vehicles and the rise of trucks fueled by liquefied natural gas (LNG) have contributed to the unexpected speed of China's move toward peak oil. The petrochemicals sector is expected to consume more oil than the transport sector, accounting for 55% of oil consumption in 2060, up from 22% in 2024.