The Impact of China on the Global Oil Demand

The demand for oil is expected to peak in the next five or six years due to the rise of electric cars and China's changing economy. Two years ago, only one out of 25 cars sold worldwide was electric, but now that number is one out of five. By 2030, with current investment plans and policies, every second car sold will be electric. China has been a major contributor to global oil demand, accounting for over two-thirds of it in the last 10 years. However, as the Chinese economy slows down, it will no longer be a driving force for oil demand.