11 Hrs
Source:
CNN Arabic
Iran Conflict, 1973 Lessons, China Event
Chinese oil demand declined by 9% compared to its levels before the escalation with Iran, despite the world experiencing the largest energy supply shock ever. This decrease resulted from Chinese consumers shifting towards electric vehicles and preferring public transportation, reflecting lasting changes in consumption behavior. These changes are expected to continue impacting global oil demand, with the possibility of the world reaching peak oil demand and permanently adopting a transition to alternative energy sources.
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