China oil demand to fall 8.9% in 2026, Sinopec research says

Sinopec's research arm forecasts China’s oil demand will decline by 600,000 barrels per day in 2026, or 8.9% year over year, marking a third consecutive annual drop. High oil prices are expected to curb consumption while accelerating electric-vehicle adoption further reduces petroleum demand, creating a bearish demand signal for global crude markets.