Part 4/9:
As electric vehicles proliferate on the roads, the direct effect on oil consumption is becoming increasingly evident. The International Energy Agency projects a 6.4% decline in China’s gasoline demand by 2025 from its peak in 2021. No longer does the narrative of insatiable growth for oil consumption hold; analysts predict that China's total oil demand will only grow by fewer than 100,000 barrels per day in 2024, a stark slowdown from decades past.