Global Oil Demand and China's Economic Shift: A Turning Point for Energy Markets Introduction For decades, China's rapid industrialization and economic expansion have made it the world's largest consumer of energy, particularly oil. As recently as 2023, China accounted for over 60% of global oil demand growth. However, a fundamental shift is now underway. The rise of electric vehicles (EVs), changing economic policies, and global energy transitions are significantly altering China’s oil consumption patterns. This shift is not just a regional development; it has profound global implications. The ripple effects will be felt across oil-exporting nations, international energy markets, and industries that rely heavily on oil for production and transportation. In this blog, we will explore the major factors driving this transformation, its impact on global oil demand, and the future of energy markets. China’s Historical Role in Global Oil Demand Since...
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