China’s Oil Demand Will Peak Earlier Than Expected, IEA Says
The IEA slashed forecasts for Chinese oil consumption until 2030 by about 1 million barrels a day amid “extraordinary” domestic sales of electric vehicles.
Source: Bloomberg
China’s oil demand will stop growing earlier than expected, reinforcing the outlook for a global peak and prolonged supply surplus this decade, the International Energy Agency said.
The IEA slashed forecasts for Chinese consumption until 2030 by about 1 million barrels a day amid “extraordinary” domestic sales of electric vehicles. It predicts the nation’s demand — which has dominated world growth this century — will top out in 2027, and worldwide oil use two years after that.