12:35:18 EDT Fri 12 Jun 2026
Enter Symbol
or Name
USA
CA



Cenovus Energy Inc
Symbol CVE
Shares Issued 1,869,823,425
Close 2026-06-11 C$ 39.79
Market Cap C$ 74,400,274,081
Recent Sedar+ Documents

Globe/wire say Suncor hears China needs less fuel

2026-06-12 09:03 ET - In the News

See In the News (C-SU) Suncor Energy Inc

The Globe and Mail reports in its Friday, June 12, edition that three months into the Iran war, the oil market is adjusting to a new reality: China, the largest importer, needs less fuel than expected. A Reuters dispatch to The Globe reports that gasoline sales at Sinopec, the biggest refiner and petrol station operator, fell 8 per cent year-on-year in April, while diesel decreased by 6 per cent. The decline in fuel use, previously attributed to slowing economic growth and the rise of electric vehicles, has surprised industry players with its steepness. Goldman Sachs estimates the drop in the use of gasoline and related products was about 20 per cent in April, while China-based GL Consulting put the decline at around 15 per cent. Chinese travel habits are changing rather than decreasing. Rail journeys grew by about 10 per cent in March and April compared with 5 per cent last year, according to Ministry of Transport data. Subway and taxi use is also rapidly increasing, as many cities have electrified these options. China's electric vehicle fleet, by far the world's largest, also got more use in April. Charging rose 69 per cent from a year earlier to an all-time high, according to China Charging Alliance.

© 2026 Canjex Publishing Ltd. All rights reserved.