- September 6, 2023
- Posted by: AliensFaith
- Category: OBJECTIVE PRESS
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China’s EV boom has prompted oil giant Sinopec to adjust its oil demand forecasts, saying peak domestic gasoline demand has already passed and it’s going to be downhill from here. If accurate, the repercussions will be global considering China has for long been the biggest growth market for refined oil products. According to CNEV Post, Chinese new car buyers are now choosing “new energy vehicles” (battery-electric and plug-in hybrid cars) at a rate of 37.8%, up from just 5.4% in 2020. Whereas Scandinavian countries like Norway (87.8%),…
