In recent years, China has accounted for most of the growth in oil demand (and greenhouse gas emissions), but electric cars They already represent more than 35% of new car sales in that country, and more than 50% if we include PHEV. And so many electric cars have ended up effectively contributing to a decrease in the demand for oil and gasoline in China.
This is how he collects it latest report of the US Energy Information Administration (EIA) has published a brief analysis on the causes of the decline in gasoline consumption in China. Gasoline demand in China has followed a downward trend since February 2024, increasing since July, the month from which demand is lower than that registered in the same period of 2023.
More than 50% of car sales in China are plug-in models
The US agency estimates that gasoline consumption in China stood at an average of 3.2 million barrels per day in August 2024, 14% less than in August 2023. This downward trend continued in September and October, which were lower than the same months in 2023.
The reasons for this lower demand They can be found in slowing economic growth and in the decline of the population and its aging, factors that simply mean that cars are used less and therefore there is less demand, the federal agency explains. But they also cite the increased sales of electric cars in China.
The ElA adds that the enormous growth in sales of electric cars and PHEVs in China will translate into lower demand for gasoline, explaining that while “China’s oil demand could grow this year by 100,000 barrels per day and up to 300,000 barrels daily in 2025 will be due to the increase in petrochemical manufacturing in the country.”
Monthly apparent demand for gasoline in China (January 2019-October 2024). Expressed in millions of barrels per day. Source: EIA
He also pointed out the milestone achieved in the largest automobile market in the world, between 20 and 25 million cars per year: the fact that in October 2024 more than half of the cars sold in China were plug-in, when in October From 2023 that quota was 40%.
The agency recognizes that this drop in demand is not exclusively due to the electric car, but it is undoubtedly a determining factor and that “the continued market penetration of these vehicles could weigh on the future of gasoline consumption.”
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Source: www.motorpasion.com
