Analysis: What Is Driving Down China’s Crude Demand?

The popularity of new energy vehicles coupled with an economic slowdown means China’s demand for crude oil may have peaked

pictureIn the first seven months of the year, China’s crude imports averaged at 10.9 million barrels per day (bpd), a 2.9% drop from 11.22 million bpd during the same period in 2023

China’s consumption of crude oil has been affected by an economic slowdown, sluggish construction and manufacturing sectors, and extreme weather events, but its shift to new energy vehicles is also dramatically reducing its reliance on fossil fuels.