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For example, the amount of new construction in China fell nearly 60% between 2019 and 2023, leading to reduced diesel consumption as fewer construction vehicles operate. Additionally, there is a noteworthy shift occurring in heavy-duty trucking, with a growing percentage of trucks now running on liquefied natural gas (LNG), moving from just *9% in 2012 to *42% in 2024.
Implications for Global Oil Markets
China's decline in oil demand is sending ripples through global energy markets—especially for oil-producing nations that have relied heavily on China as a key market. For 2023, China imported 11.3 million barrels of oil per day, yet as demand for gasoline and diesel peaks, these exporters face a potential structural decline in one of their most crucial markets.