Sinopec

China’s oil demand will fall 8.9 percent in 2026, a third straight annual decline, as high prices and EV growth curb consumption, Sinopec says.

Sinopec chairman Hou Qijun has launched a sweeping overhaul at the world’s largest refiner, splitting it into four profit centres as fuel demand slides.

China creates a new entity to explore ultra-deep oil and gas reserves, combining national oil producers and state firms to enhance energy security and tackle non-conventional resources.