Part 5/9:
This slowdown isn't solely attributed to the rise of EVs. The expansion of high-speed rail (HSR) in China has also played a role, significantly altering transportation dynamics. The IEA estimates that the proliferation of HSR services has removed the demand for an additional 300,000 barrels of oil per day. Furthermore, economic downturns, like the ongoing housing slump, have led to diminished diesel demand as construction activities decline.