
The largest petrochemical giant expects a reduction in raw material consumption by 8.9 percent.
AI-generated summary
China is the largest buyer of Russian raw materials. The decline in oil demand in the country has been observed for the third year in a row.
In 2026, the average daily demand for oil in China, which is the largest buyer of Russian raw materials, will fall by 8.9 percent compared to the figure for 2025. This was reported by Reuters with reference to the forecast of the local petrochemical giant Sinopec (China Petroleum & Chemical Corporation).
The figure, analysts expect, will decrease by 600 thousand barrels per day. If the experts' forecast comes true, the decline in demand for raw materials in China will be the third year in a row.
Such dynamics will most likely continue in the medium term, the company notes. Against this background, the total capacity of Chinese oil refineries by 2030 will decrease by 5.5 percent compared to 2026 levels.
The long-term decline in oil consumption in China will be driven by a number of factors. Experts cited the rapid growth in popularity of electric cars in the Asian country as the main reasons. Taking this into account, Sinopec analysts expect that the consumption of gasoline and diesel fuel in China at the end of this year will decrease by 8.7 and 11.4 percent, respectively, to 149 million and 164 million tons.
AI outlook — possibilities, not facts
Reducing the capacity of Chinese refineries by 5.5% by 2030.
Likely · Within years

The US has banned imports of Canadian motorcycles, alcohol and dairy products. Donald Trump justified the decision on Canada's discriminatory policies, while Ottawa called retaliatory tariffs a necessary measure to protect national businesses.

Most analysts surveyed by TASS expect the Bank of Russia to maintain its 14% key rate on September 11. Concerns over core inflation, fuel supply, and ruble weakness are cited as primary factors limiting further monetary easing at this time.

Novatek is at an advanced stage of negotiations with Vietnam on LNG supplies. The head of the company, Leonid Mikhelson, confirmed that the start of shipments is planned for 2027.

Global diamond production could fall by 10% to 90-95 million carats in 2026 due to low prices and excess reserves in India. The forecast was announced by the head of the corporate finance department of Alrosa, Sergei Takhiev.

Umesh Chowdhary of the Confederation of Indian Industry proposed transforming Russia-India trade relations into a comprehensive partnership, focusing on joint manufacturing, technology transfer, and logistics projects like the Chennai-Vladivostok corridor.

India is showing active interest in the Russian “Honest Sign” labeling system. Representatives of the CRPT note that the Indian side is studying the technical aspects of the system for possible adoption of experience in whitening the market and reducing the share of low-quality goods.