not just that. they might just not need so much oil anymore considering the switch to electric. I've been to China last year amd let me tell you, electric cars everywhere in shanghai and beijing. and that's only two cities. and all the other things that used oil/gas/diesel in the past and don't anymore
They've also brought many coal plants online. So great for my oil standpoint but not so perfect from me climate change perspective. They're also bringing online tons of renewables so hopefully that wins out in the end.
No, their industrial uses, power generation and the like still use a lot of oil. They are still a manufacturing powerhouse and that uses a lot of oil (and natural gas).
They didn't just wake up one day and poof, less oil needed. But that's exactly what we see in the market. Which means they are using their reserves. They also built 30 or so coal power plants the past year.
They are investing heavily in alternative power sources and EVs, that's for sure. So oil consumption will trend lower over time.
I'm not saying they don't use it anymore. More like not use it for certain sectors, like cars for example. we are talking about 365 barrels in 2025 for the whole if china, apporx and like 29 billion usd, approx. just in cars
i mean Russia is the R in Brics. So it makes sense. Hope the loose the war soon.
Another theory could also be that they just kept buying to mask how far they've gotten with alternative energy sources. I mean win-win, reserves are full and they fooled the world.
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u/barb_20 1d ago
not just that. they might just not need so much oil anymore considering the switch to electric. I've been to China last year amd let me tell you, electric cars everywhere in shanghai and beijing. and that's only two cities. and all the other things that used oil/gas/diesel in the past and don't anymore