TotalEnergies CEO Patrick Pouyanne said on Monday that Chinese oil demand growth has slowed since 2020 as the country shifts toward greener energy sources.
“Chinese demand was really strong but the engine has slowed down,” Pouyanne stated, noting that the Chinese economy is “moving toward needing less oil.”
Despite the slowdown in China, Pouyanne expressed optimism about long-term oil prices, citing rising demand in other markets such as India.
The CEO emphasized that oil investments remain necessary in the medium term, stating, “In medium term we have to keep investing in oil.”
