China spearheading EV adoption

The country leads the world in embracing electric vehicles, but this does not necessarily mean domestic demand for oil will decline anytime soon

China surpassed the United States as the number one crude oil importer in 2017 and again bolstered its import record in 2018, according to the International Energy Administration, while maintaining vast refining capabilities that exceed domestic demand. But the country also has the fastest growing adoption of electric vehicles (EVs) and is a world leader in several forms of renewable energy. Together, these attributes mean it perhaps forms the most useful microcosm of how the global EV revolution will play out for the energy sector. Passenger vehicles account for about a quarter of global oil demand. But BNP Paribas paints a dire picture for the future competitiveness of oil in the sector,