China’s gasoline demand set to plunge 5.5% as Iran war drives prices higher

Iran conflict could cut China’s gasoline use almost

China is forecasting a further drop in gasoline demand as oil prices climb amid the war involving Iran, with GL Consulting projecting consumption to fall 5.5% this year. The estimate is revised lower from 5.2% and would mark the second-largest contraction on record, only behind 2022’s collapse during strict COVID lockdowns. Other analysts echo the trend, with the International Energy Agency expecting gasoline demand to slow “to a crawl” and drop by roughly 60,000 barrels per day in the current quarter.