EV Adoption is Shrinking China’s Oil Usage
Electric vehicle adoption is cutting China's oil consumption for the first time in twenty years. The country's fuel demand dropped in 2024, reversing decades of growth that saw oil usage more than double since 2004. China became the world's biggest crude buyer during that expansion and accounted for over half the global increase in oil demand. Road fuel consumption started leveling off after 2019 and finally turned negative last year as plug-in electric cars gained serious traction across the country. EVs now account for over a quarter of new energy vehicle (NEV) sales in China and represent roughly one in…
