China’s oil demand could peak sooner than expected, a senior executive at a major state energy firm said, as the Iran war accelerates the turn away from fossil fuels.
The country is the world’s second-largest oil consumer, but demand growth has slowed as it shifts to EVs and renewables, and rising prices caused by the effective closure of the Strait of Hormuz will speed the process, CNOOC’s deputy chief economist said.
Similar dynamics are playing out elsewhere: Used EV purchases in Europe are up as fuel prices rise; one French retailer told Reuters that it doubled EV sales between February and March. And a UK electricity firm boss said solar panel sales had risen 50% since the war began.
