Oxford Energy Podcast – China’s oil demand in the wake of COVID-19
China’s oil demand has almost grown by over 9 mb/d over the past two decades, accounting on average for one-third of global oil demand growth every year. Going forward, however, its oil use is expected to grow by 3–4 mb/d by 2040. Much of the new consumption is estimated to come from rising incomes and the emerging middle class, and despite the short term impact of COVID-19, this remains the trajectory for China. But our latest research suggests that consumption growth could err on the lower side of that scale, because of the importance of technological development and electrification. In this podcast, David Ledesma and Michal Meidan unpack these trends, and discuss what they mean for the short term and long term outlook for China’s oil demand.