For the first time ever, China’s electric vehicle sales are set to outpace traditional car sales on an annual basis in 2025, years in advance of the Chinese authorities’ targets and years ahead of analyst projections, according to the latest industry forecasts provided to the Financial Times by research companies and investment banks. China’s combined…
India is poised to close 2024 with a higher oil demand growth rate than China, underscoring its emergence as a key consumption hub in Asia, according to a report by S&P Global Commodity Insights. In the first 10 months of 2024, India’s oil demand climbed 180,000 barrels per day (bpd), a 3.2% year-on-year rise, compared…
Refinery run rates in China fell for the seventh month in a row in October, shedding 4.6% on an annual basis, data from the country’s statistics agency showed, as quoted by Reuters. As a result of the series of monthly declines, average refinery run rates for the first ten months of the year booked a…
Weak demand in China will lead to lower supply from the world’s top crude exporter, Saudi Arabia, to the world’s largest crude importer in December, trading sources told Reuters on Monday. The drop in Saudi supply would come despite the fact that the Kingdom has reduced its official selling prices (OSPs) for crude loading in…
The Energy Information Administration (EIA) reported on Monday that U.S. oil demand increased to its highest seasonally since 2019, with total consumption rising 1.2% from June to July, clocking in 20.48 barrels per day. July consumption figures have not reached this level in five years. At the same time, EIA data shows U.S. oil output…
Oil markets have continued their rollercoaster ride, with oil prices declining during Wednesday’s morning session as traders continue weighing on China’s latest stimulus package. Brent crude for November delivery declined 1.3% to trade at $74.22 per barrel at 10.25 am ET while WTI crude for October delivery fell by a similar margin to change hands…