Part 6/8:

A critical factor contributing to declining oil prices globally is the noticeable drop in oil demand from China, once an escalating buyer. Forecasts reveal that Chinese oil demand is anticipated to peak as early as 2025, with subsequent gradual decreases projected. This decline extends beyond predictions and is corroborated by real-time refining data, indicating that many of China's majors are scaling back production operations.

Global analysts have started to recognize that the pattern of increasing fossil fuel consumption, which typically accompanies economic development, is being disrupted. The rise of electric vehicles (EVs) in China, and their subsequent adoption in other countries, is a significant factor that has not been sufficiently accounted for by many analysts.