Posted 3/8/2024, 2:19:00 AM
China's Oil Demand Growth Slows as EVs Gain Traction, But Crude Imports Set to Rise
- China's oil demand growth has entered a low phase as decarbonization starts to reduce fossil fuel use
- Greater adoption of electric and LNG vehicles will replace 10-12% of gasoline and diesel demand in 2023
- Overall crude demand will keep rising, aided by the expanding petrochemical industry
- China wants a US-style shale revolution to achieve energy security goals
- Global crude market has shifted from seller's to buyer's market due to energy transition and US shale output
