It's likely not even big factor, PRC industry only uses ~30% of oil, with PMI over 50 in most months last year, i.e. manufacturing still expanding = more need f

It's likely not even big factor, PRC industry only uses ~30% of oil, with PMI over 50 in most months last year, i.e. manufacturing still expanding = more need for fossil as industrial inputs / feedstocks. However, ~60% used in transportation, 10% in heating - the sectors being displaced by EVs / renewables. Sinopec already projected peak gasoline in 2024 last year, a couple years earlier than expected due to EV adoption, which currently exceeds projections at time of Sinopec prediction. Current slice of ~10mbb (out of 16 total) per day used in transportation is only going to go down, or ~ 10% of global consumption. Sentiment is due to EV adoption but probably too early to assume everyone, i.e. the other 90% can adopt EVs and renewables at same scale/speed as PRC.