China’s oil demand to peak in 3-5 years, India’s to grow steadily: Moody’s
“While both countries continue to rely heavily on oil and gas imports, Moody’s expects China’s oil demand to grow only marginally and peak at around 800 million tonnes per annum (mmtpa) by 2030, due to slower economic growth and a shift towards clean energy. Refining capacity in China is also near the state-mandated cap of 1 billion tonnes, the report noted.”
” ‘Chinese NOCs continue to invest heavily in exploration and development to enhance self-sufficiency. Their investments in downstream refining and petrochemical sectors will gradually decline over the next 3–5 years as most major projects have been completed. By contrast, NOCs in India will still invest heavily to expand refining and petrochemical facilities over the next five years to meet growing domestic demand,’ the report added.”