Naphtha Cushions China’s Q2 Oil Demand Decline

China’s oil demand declined year-on-year in the second quarter of 2025, but strong naphtha consumption helped limit the drop, according to a new report by Energy Intelligence, which estimates that apparent oil demand fell by 450,000 barrels per day from Q2 2024, primarily due to weak diesel and gasoline margins. In contrast, naphtha demand remained steady as petrochemical producers maintained feedstock purchases amid steady cracker utilization rates. The International Energy Agency (IEA) forecasts that China’s naphtha demand will grow…