CNPC: China’s oil demand may peak in 2025 (December forecast) instead of 2030 (forecast 10 months ago). Due to rapid adoption of EVs. By 2025, Gartner estimates that 49 million EVs will be on the road in China.

https://www.bloomberg.com/news/articles/2024-12-10/china-s-oil-demand-may-peak-early-on-rapid-transport-shift

by punishGoalhanging

2 comments

  1. How many EVs is needed to displace 1 million barrels of crude oil?

  2. The more interesting questiion is how many years before China will be able to produce methanol from sequestered CO2 at a price lower than it costs to extract and refine crude oil into gasoline?

    A report from the UK in 2024 said that they would be able to do this by 2035 if trends in solar power and storage costs continue to decline steadily till then but they suspected China could do it much sooner.

    A clean, green, renewable liquid fuel that was cheaper than gasoline would make aggressive CO2 reduction targets possible in the short term.

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