As China goes, so goes oil. Or so it’s been in the 21st century.
China has increased global demand for oil since the turn of the century, driven by its energy-hungry economy. But Chinese demand has fallen this summer amid an economic slowdown and the robust growth of electric vehicles.
That has profound implications for global oil markets, and the climate. China has accounted for roughly 60 percent of the growth in global oil demand over the last decade.
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“If the current economic weakness in China persists, or even deepens, it raises the prospect of a period of reduced global oil demand growth,” the International Energy Agency wrotein a recent analysis.
