Sinopec chief says China's shift to electric transport likely capped oil demand by 2025

Hou Qijun of Sinopec indicated that the surge in electric vehicles and other electric transport options in China has pushed oil consumption to its highest point around 2025, two years ahead of government expectations. The state-owned refiner posted nearly $4 billion in first-half profit despite processing less crude than a year earlier, benefiting from higher refining margins as fuel prices rose. While the company still sources much of its crude from the Persian Gulf, it expects a slowdown in demand driven by the broader energy transition.