Interesting oil data...Interesting 2023 oil data found here: https://www.iea.org/commentaries/china-s-petrochemical-surge-is-driving-global-oil-demand-growth
What it shows is how petrochemical industry, especially China growth really saved oil demand in 2023.
Strip out petrochemical demand and world oil demand is less than 2019 still.
This is why I think in 2024, world lng actually faces alot of unpriced geo political risk than oil.
China looks to be just supllanting the loss of oil demand for transportation use with more petrochemcial oil usage.
It is a very smart way for China to do the ev transition without killing their GDP.
If in future, china ever refines 2m less barrels a day of oil, that economic activity not happening effects the economic numbers alot.
But the problem will be eventually Europe or Middle east petrochemical industry will have bleak margins from the over capacity coming from China...and plants will close and oil demand will be impacted.
Cont. Europe LNG prices are 8.79...* 6 = 52.74 per BOE
Last year this like 180 BOE plus most of year.
China faces really serious demographic issues with population number starting to decrease (much different).
Time will tell how sucessful it will be, but they seem to be all in with EV thing and making renewables as an economic driver.
China is running out of construction things to build for property anf commerical.
Building a national power grid, will be projects to keep unemploylmen down.
The number of ev chargers getting installed per day in China has to be nuts.