China's EV Boom Is Pinching Oil Producers
The Wall Street Journal|December 24, 2024
Big integrated oil companies could face a double whammy from shift in the Chinese car market
Jacky Wong
China's EV Boom Is Pinching Oil Producers

China's oil demand is nearing a turning point as electric vehicles take a growing share of its vehicle market, the world's largest.

The country has long been the thirstiest consumer of crude. China accounted for 16% of global demand in 2023, or 16.4 million barrels a day, up from around 9% in 2008. More significantly, China was the largest buyer of marginal barrels. During that span, it contributed to more than half the growth in global oil demand.

Since a record consumption year in 2023, after the country emerged from strict zero-Covid policies, demand has slowed. Oil consumption is projected to rise a mere 0.8% year on year in 2024 and by an additional 1.3% in 2025, according to the International Energy Agency.

Esta historia es de la edición December 24, 2024 de The Wall Street Journal.

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Esta historia es de la edición December 24, 2024 de The Wall Street Journal.

Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.