China Energy Demand to Peak in 2040

China's energy demand will peak by 2040, a decade later than the previous forecast of 2035, as transportation fuel consumption continues to rise through the middle of this century, state-owned oil major China National Petroleum Corp said on Wednesday. Energy consumption in China, the world's second-largest economy, will peak at 4.06 billion tons of oil equivalent, up from the previous forecast of 3.75 billion tons five years prior, CNPC said in its annual long-term energy outlook, Reuters reported. CNPC raised its forecast because it predicts transportation demand will rise through to 2050, about 20 years longer than previously estimated. China's oil demand will reach a ceiling of 690 million tons a year, equivalent to 13.8 million barrels per day, by 2030, CNPC said. The country is the world's second-largest oil consumer. That compares with last year's estimate of a peak of 670 million tons a year by 2027. Oil demand will grow at an annual rate of 2.7% until 2020, slowing to 1.2% until 2030, the report said.