Vitol Sees Chinese Gasoline Demand Peaking This Year or Next
- Trader sees oil market well-supplied for the next two years
- OPEC+ alliance has paused output hikes amid demand concerns
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China’s gasoline use is set to start fading, adding to concerns about tepid oil demand relative to supply, according to trading behemoth Vitol Group.
“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,” Chief Executive Officer Russell Hardy said in an interview.