China, the world’s heavyweight oil consumer, has officially hit its peak. According to CNPC’s Economics & Technology Research Institute, the country’s refined oil consumption maxed out in 2023 at 399 million metric tons (roughly 8 million barrels per day) and is set to decline by 1.3% in 2024. For an economy that’s been a relentless driver of global oil demand for decades, this news is striking. As for the reasons behind the shift, they can be chalked up in part to electric vehicles, which are taking over Chinese roads.…
