Petrochemicals Are Driving 90% Of China's Oil Demand Growth

Chinese EV revolution has resulted in it having an EV adoption rate of around 50% for new cars - the highest for a major economy.

But China's EV boom might not be enough to destroy oil demand growth due to another boom in a pivotal oil industry: petrochemicals.

According to the IEA, 90% of China's increased oil demand from 2021 to 2024 comes from chemical feedstocks like LPG, ethane, and naphtha.

This and the recovering China economy are bullish news for crude oil.