China’s oil imports are showing signs of reaching a peak.
Tugboats assist an oil tanker leaving the pier at a sea port in Longkou, Shandong province, China, December 22, 2024. Credit: FeatureChina via AP Images
China's transformation into a global economic power has also seen it become the world’s largest importer of crude oil. But is the country’s thirst for black gold from abroad now in decline?
Barring the two years of the Covid-19 pandemic, last year was the first in two decades when China recorded a year-on-year drop in petroleum imports.
Source: China General Administration of Customs
While it may be too soon to be sure that China’s oil demand has peaked, most analysts agree that t
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