China's oil consumption is likely to peak around 2026 at 800 million tonnes, or about 16 million barrels per day, according to a top executive of Sinopec Corp.

China's natural gas consumption is forecast to peak around 2040 when demand is estimated at 620 billion cubic meters, Ma Yongsheng, Sinopec's acting chairman told a seminar in Beijing on Thursday that was confirmed by a company representative on Friday.

Natural gas will become China's top fossil fuel resource around 2050, Ma said.