China’s Energy Transition Is Wrong-Footing OPEC

Chinese road fuel demand has been struggling this year as EV sales are soaring and diesel sales are falling. The rise of electric vehicles and the growing use of LNG in trucking have combined with slower-than-expected economic growth and activity to dent China’s oil demand growth and undermine earlier forecasts of global oil demand this year. OPEC has been wrong-footed by the surge in electric mobility in China, the International Energy Agency (IEA) said in its World Energy Outlook 2024 report this week. Chinese Oil Demand Overestimated Indeed,…