China’s demand for diesel has peaked and gasoline demand will soon follow, research from state energy giant CNPC has revealed. Reuters cites CNPC’s research division as also saying that crude oil demand in the country will stop growing at a level of 690 million tons annually—13.8 million bpd—which is set to happen in 2030. Gasoline demand will peak around 2025. China is currently the world’s biggest crude oil importer, but this may soon change as Beijing tightens environmental regulations, dampening demand for fuels. Economic growth is also slowing, further hurting demand. While economic growth could rebound, the environmental regulations are likely to stay in place as the country battles one of the worst pollution levels in the world. As part of these efforts, China is shifting from oil towards gas as a fuel for a variety of vehicles, but notably for heavy-duty trucks that account for a large portion […]