China’s Energy Transition Is Slowing Its Oil Demand Growth

China’s oil demand growth has been slowing down due to weaker economic performance and a shift to electric vehicles and LNG-fueled trucks, oil industry executives said at the APPEC conference in Singapore on Monday. Right now, Chinese oil demand growth has slowed to about 200,000 barrels per day (bpd) each year, compared to 500,000 bpd-600,000 bpd annual growth in the five years before Covid, Goldman Sachs’s head of oil research, Daan Struyven, said, as carried by Reuters. The slower growth is the result of higher EV penetration and…