China's oil demand growth is slowing down significantly due to a shift towards electric vehicles, LNG-fueled trucks, and a weak economy.
China ’s oil demand growth has been slowing down due to weaker economic performance and a shift to electric vehicles and LNG -fueled trucks, oil industry executives said at the APPEC conference in Singapore on Monday. Right now, Chinese oil demand growth has slowed to about 200,000 barrels per day bpd each year, compared to 500,000 bpd-600,000 bpd annual growth in the five years before Covid, Goldman Sachs ’s head of oil research, Daan Struyven, said, as carried by Reuters.
China’s shift toward EVs will bring about domestic gasoline demand peaking either this year or next, according to Vitol Group’s CEO Russell Hardy. “Gasoline is likely to peak this year or next year in China — not because nobody’s moving, but simply because the fleet is slowly changing towards electric vehicles,” the top executive of the world’s largest independent oil trader told Bloomberg in an interview published on Monday.
Oil Demand Electric Vehicles (Evs) LNG Economic Growth Diesel Peak Gasoline Energy Transition Oil Industry Goldman Sachs
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