China's EV Boom Significantly Displaces Oil Demand

Jefferies, Open Magazine, Investing.com · Aug 01, 2026 00:00

China's rapid adoption of electric vehicles displaced an estimated 1.4 million barrels per day of oil in the first half of 2026, marking a 42% increase year-on-year. This trend contributes to an anticipated 4.9% decrease in China's overall oil consumption for 2026, impacting global demand.