“Next year, even if the US-Iran conflict eases up, things might recover, but it won’t hit last year’s level. So it’s very likely demand peaked last year.”

China's oil demand likely peaked last year, leading to a 2.5% YES chance of crude oil reaching a new all-time high by September 30.

Sinopec Chairman Hou Qijun says China's oil demand likely peaked in 2025, two years earlier than forecast, driven by EV adoption and clean energy