The Middle East crisis prompted China to slash crude imports and tap into massive oil stockpiles but also had an unexpected consequence: The country’s apparent oil demand slid by a whopping 1.8 million barrels per day in the second quarter to 14.32 million b/d, according to Energy Intelligence estimates, its lowest in four years. Consumption showed surprising elasticity in the absence of domestic product shortages or an economic recession. The speed, and apparent ease, of the adjustment has prompted analysts to rethink assumptions about the rapidly electrifying economy, with some now predicting that total oil demand in China — the world’s largest oil importer and second-largest oil consumer — may have peaked earlier than expected. Beijing has long indicated that oil consumption would top out by 2030. State Sinopec’s Energy and Development Research Institute has said China’s diesel demand peaked in 2021 and gasoline in 2023, while its counterpart at China National Petroleum Corp. (CNPC) puts the peak for both in 2023. Last December, Sinopec said it expected China’s total oil demand to peak in 2027 at 800 million-810 million tons (16.1 million-16.3 million b/d).