Beijing: China's oil consumption is expected to drop in 2026 amid a pivot to new energy and high oil prices due to the Iran war, according to a report published by PetroChina's research unit.China, the world's second-largest oil consumer, is forecast to consume 753 million tons of oil ‌in 2026, a ⁠4.9% ⁠drop from 2025 when consumption rose by 3.6%, according to a report by PetroChina Planning and ​Engineering Institute.Read more: PetroChina, Indian Oil fail to secure tankers to load Iraqi crudeHere are some other key figures from the report:* China's crude production ​is forecast at 217 million tons in 2026, up 0.5% year on year.* Oil demand is plateauing and projected to fall to around 700 ​million tons by 2030.* Oil refining capacity is ⁠set to ‌reach 963 million tons per annum in 2026, an ​increase of ​15 million tons.* Refined oil consumption is forecast at ⁠324 million tons in 2026, down 6.4% from 346 ​million tons in 2025, pointing to an accelerating contraction compared ​with a 3.5% drop last year.* Jet fuel is an exception, with consumption expected to grow 0.2% in 2026.* Gas consumption is forecast to grow 1.3%-2.5% year on year in 2026, reaching 440-445 billion cubic metres, up from 434.3 bcm in 2025.* Gas demand is expected ‌to rise further to 530-550 bcm by 2030.* New ethylene capacity additions are forecast at 6.72 million tons per annum in ​2026, with ​4.15 mtpa from ⁠naphtha crackers.* Demand for key new materials such as polyolefin elastomers (POE) is forecast to grow 21.4% in 2026, while carbon fibre demand is expected to surge ​48.7%.Read more: Fuel prices in India won't fall immediately despite global crude slump, MoS Suresh Gopi reveals why* Domestic self sufficiency in POE and carbon fibre continued to improve in 2025, with domestic production as a percentage of total POE consumption up 11.9 percentage points and carbon fibre up 0.7 percentage points. The data did not show the total percent of consumption produced domestically.