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Sinopec, the world's largest oil firm, says China has reached "Peak Oil". As 38% of car sales are now EVs, gasoline demand in China is dropping, and will only decrease from now on. (archive.ph)

submitted 1 year ago by Lugh to c/futurology

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Many people have tried to call Peak Oil in the past, but this feels significant. Sinopec is the world's biggest oil company, if anyone would know, they would.

This makes me wonder when we will reach global peak oil demand. China has been the main driver of the growth in global oil demand in the 21st century, but now that is gone. Is that date coming soon? EV sales are 38% of new car sales in China, but in the other two major global economies - only approx 20% in the EU & 8% in the US.

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