China’s push to have 70% of new car sales come from electric vehicles by a specified timeline has intensified pressure on global oil demand, as the shift away from gasoline-powered vehicles accelerates. Analysts warn that such aggressive adoption of EVs could further weaken crude oil consumption, particularly in major markets where fossil fuel dependence remains strong. The policy underscores how energy transitions are reshaping long-term forecasts for oil, with implications for producers and investors alike. With automakers and governments worldwide scaling up EV incentives, the trend signals a potential structural decline in transportation-related oil use.
China's 70% EV Target Deals Another Blow to Oil Demand Crude Oil Prices Today | OilPrice.com
