{"id":18878,"date":"2024-08-27T09:18:37","date_gmt":"2024-08-27T01:18:37","guid":{"rendered":"https:\/\/battery9999.com\/en\/?p=18878"},"modified":"2024-08-27T09:18:37","modified_gmt":"2024-08-27T01:18:37","slug":"chinas-evs-are-fueling-a-big-oil-demand-slowdown","status":"publish","type":"post","link":"https:\/\/battery9999.com\/en\/chinas-evs-are-fueling-a-big-oil-demand-slowdown\/","title":{"rendered":"China’s EVs are fueling a big oil demand slowdown"},"content":{"rendered":"

Aug 21, 2024<\/p>\n

\"\"<\/p>\n

Oil demand in China has slowed markedly this year amid the country’s shift to electric vehicles and natural gas, Goldman Sachs analysts said.<\/p>\n

The firm estimates that oil demand growth in the country is down to 200,000 barrels per day for 2024 compared to last year, with overall consumption down by 300,000 barrels a day.<\/p>\n

The shift from gas-fueled cars to electric and hybrid vehicles alone has reduced demand by 500,000 barrels a day, the analysts said.<\/p>\n

China’s EV sector has expanded rapidly, with three of its biggest electric car makers\u00a0hitting record sales in June<\/a>. A\u00a0report<\/a>\u00a0from last month finds Chinese EV companies are catching up to \u2014 and even beating \u2014 industry leader Tesla when it comes to innovation.<\/p>\n

<\/div>\n

In an earlier report, the analysts predicted the surge in electric and hybrid sales will cause China’s road oil consumption to peak in 2025, years ahead of most emerging market economies.<\/p>\n

The analysts say the oil demand slowdown also indicates broader concerns around China’s dependence on manufacturing.<\/p>\n

“While oil data now send a too pessimistic message about China economic activity (fuel switching does not lower GDP), overcapacity highlights the fragility of China’s manufacturing bet,” the analysts wrote.<\/p>\n

The oil slowdown comes as China’s economy faces a slowdown across the board, with a\u00a0struggling property sector<\/a>\u00a0and\u00a0weak consumer sentiment<\/a>.<\/p>\n

<\/div>\n

On Monday, the country’s two main stock exchanges\u00a0stopped reporting daily data<\/a>\u00a0on flows from foreign investors, part of a greater move away from reporting real-time data as the\u00a0economy remains stuck in a rut<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Aug 21, 2024<\/p>\n","protected":false},"author":12,"featured_media":18879,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[113],"tags":[],"class_list":["post-18878","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-industrial-news"],"yoast_head":"\nChina's EVs are fueling a big oil demand slowdown - \u660c\u8467\u80a1\u4efd\u6709\u9650\u516c\u53f8<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/battery9999.com\/en\/chinas-evs-are-fueling-a-big-oil-demand-slowdown\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"China's EVs are fueling a big oil demand slowdown - \u660c\u8467\u80a1\u4efd\u6709\u9650\u516c\u53f8\" \/>\n<meta property=\"og:description\" content=\"Aug 21, 2024\" \/>\n<meta property=\"og:url\" content=\"https:\/\/battery9999.com\/en\/chinas-evs-are-fueling-a-big-oil-demand-slowdown\/\" \/>\n<meta property=\"og:site_name\" content=\"\u660c\u8467\u80a1\u4efd\u6709\u9650\u516c\u53f8\" \/>\n<meta property=\"article:published_time\" content=\"2024-08-27T01:18:37+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/battery9999.com\/wp-content\/uploads\/2024\/08\/2024-08-27_091636.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"532\" \/>\n\t<meta property=\"og:image:height\" content=\"382\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"DPC\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"DPC\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/battery9999.com\/en\/chinas-evs-are-fueling-a-big-oil-demand-slowdown\/\",\"url\":\"https:\/\/battery9999.com\/en\/chinas-evs-are-fueling-a-big-oil-demand-slowdown\/\",\"name\":\"China's EVs are fueling a big oil demand slowdown - 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