China overtook the United States to become the world’s largest refiner last year. China’s total refining capacity could total 19.7 million barrels daily by 2028.
on oil that came out last week, the International Energy Agency predicted that oil demand will peak by 2028.
Yet the new IEA report also mentioned something else that would probably make politicians in Europe and North America who want to ban internal combustion engines quite happy. The IEA itself also recognised China’s growing role as fuel supplier to the world by pointing out that “Crucially, our forecast for product balances is heavily dependent on higher Chinese product exports, especially for diesel.”China overtook the United States to become the world’s largest refiner last year, the IEA also noted in its report, but it is not stopping there. Instead, refiners in China are building even more capacity, with the total set to reach 19.7 million barrels daily by 2028.
China is not only the world’s biggest refiner of oil. The country is also the biggest market for electric vehicles in the world. The IEA forecast that by 2028, there will be more than 155 million EVs sold in total globally. More than half of these cars, the report added, will be sold in China.
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