china oil demand

China's Oil Use Plunges 9% as EVs Displace Gas, Signaling Peak Oil Impact

China's second-quarter oil use dropped 9% overall and 16% in transportation, driven by booming electric vehicle adoption and collapsing internal combustion engine sales. This marks the first time lower oil use, not coal, cut the country's emissions, signaling potential global oil market disruption as the world's second-largest consumer passes peak oil.