China's shift to electric vehicles is expected to lead to a peak in domestic gasoline demand in the near future, according to Vitol.
China ’s gradual shift toward electric vehicles will bring about domestic gasoline demand peaking either this year or next, according to the top executive of the world’s largest independent oil trader, 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 ,” Vitol Group ’s CEO Russell Hardy told Bloomberg in an interview published on Monday.
Demand for petroleum products in China could peak before next year, the research unit of the China National Petroleum Corporation CNPC forecast earlier in 2024. The projection is based on expectations that the energy transition will continue gathering speed, eliminating oil product demand growth. China Petroleum & Chemical Corporation, or Sinopec, expects oil demand in China to peak before 2027, according to the 2024 edition of the China Energy Outlook 2060 of Asia’s biggest refiner.
Electric Vehicles Gasoline Demand Peak Oil Vitol Group Energy Transition Renewable Energy LNG Diesel Property Crisis
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