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China's #1 Oil Company Says Peak Gasoline Demand Has Already Passed

05 Sep 2023 | Abstracted from New Atlas

"China's extremely rapid adoption of EVs has forced oil giant Sinopec to adjust its forecasts, saying peak domestic gasoline demand has already passed and it's all downhill from here

"Chinese new car buyers are now choosing "new energy vehicles"...at a rate of 37.8%, a percentage which has rocketed up from 30.0% in 2022, 15.5% in 2021 and just 5.4% in 2020...EVs were already displacing some 15 million tons of Chinese oil product sales in 2023."



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