Mumbai, Feb. 14 -- The IEA reports that China's combined consumption of gasoline, gasoil, and jet fuel fell to 8.1 million bpd in 2024-200,000 bpd lower than 2021-indicating that demand may have peaked. Structural shifts in the economy, a slowdown in construction, and weaker consumer spending have all played a role. Moreover, rapid EV adoption (now half of all new car sales) and increased use of alternative fuels in road freight are displacing significant oil demand, suggesting a long-term plateau for China's oil consumption.
Published by HT Digital Content Services with permission from Capital Market....