China Reaches Peak Gasoline in Milestone for Electric Vehicles

Sinopec, the country’s top oil refiner, brought its forecast forward by two years in a development that didn’t get its due.

A Sinopec gas station in Shanghai.

Earlier this month, Chinese oil giant Sinopec made a surprise announcement that mostly flew under the radar. It’s now expecting gasoline demand in China to peak this year, two years earlier than its previous outlooks.