The Oils Segment in China registered a Market volume of 10,617.73 million kilograms in 2025
The indicator recorded a historical growth (CAGR) of 2.32% between 2022 to 2025, and is expected to grow by...
GlobalData projects the indicator to grow at a CAGR of...
China oil and gas market overview
The oil and gas market volume are defined as the total consumption (barrels of oil equivalent) of refined petroleum products and natural gas by end-users in each country.
Market analysis of oil and gas segment in China
The value of the Chinese oil and gas market declined by a huge percentage in 2020, with the COVID-19 pandemic depressing demand and leading to the collapse of oil and gas prices. Strong growth is anticipated in 2021 as demand for oil and gas is set to recover, uplifting prices. The oil and gas market is expected to follow a moderate growth trajectory over the rest of the forecast period, in line with the projected level of demand and higher prices based on tighter supply. The market declined sharply in 2020 as a result of the COVID-19 pandemic, hit by a combination of negative demand shock and a supply glut.
Demand for gasoline and jet fuel oil in road transportation and aviation, respectively, declined dramatically in the first half of 2020 due to lockdown measures and remained weak as these measures continued throughout the year. Demand for diesel and marine fuel, which are primarily used in trucks and ships for the transportation of goods, was affected, but that impact was less acute. Containment measures also had an impact on demand for gas through electricity generation, as electricity consumption has only been reduced from commercial and industrial operations that had to shut down, while residential consumption was slightly increased. On the other hand, demand for petrochemicals produced by naphtha and natural gas liquids increased due to greater demand for consumer packaging and personal protective equipment.
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