Big news which will have profound impacts on energy markets and geopolitics as years of increasing oil demand comes to an end leaving oil producers with falling revenues. Most likely that oil prices will fall until high cost producers (like Venezuela) are forced out of the market
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Jesse D. Jenkins
This is huge: China's refined oil consumption peaked in 2023, says the research arm of the China National Petroleum Corporation (CNPC). Will decline 1.3% in 2024, despite ~4.8% GDP growth projected this year. Why? EVs! (Mostly) www.reuters.com/world/china/... 🔌💡 🔌🚗
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