China’s oil demand to reach 15.5 million b/d in 2040: IEA

14 Nov 2017   China

Oil demand from China’s transportation sector will peak in 2030, and flatten thereafter, mainly due to falling gasoline demand for passenger vehicles that become more efficient and increasingly electricity-driven, the International Energy Agency said in its latest World Energy Outlook report Tuesday. Oil share to fall to about 75% of China’s transportation fuel in 2040 Electric vehicles to account for roughly one-fourth of China’s cars The flattening of China’s oil demand growth reflects its fundamental change from an industry-driven economy to one based on services and consumption. It also has major implications for Beijing’s reliance on oil imports, energy security and the overall energy mix. “China’s energy future will not be a continuation of previous trends,” the IEA said, adding that the country’s energy choices will have profound implications for global markets, trade and investment flows. Oil will still remain the backbone of China’s transport fuel demand till 2030, […]

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