Russian media: China may give up the leadership position in oil consumption to India!
India can become the new driving force for oil demand, and Russia's oil industry remains confident.
An article was published by TASS on June 19th.
Due to the popularity of electric vehicles, China may pass the baton of leadership in oil consumption growth to India, but global oil demand will continue to grow.
Denis Demin, head of the Department of Innovation and Sustainable Development of Russia, said that in the past few years, China has been the driving force for the growth of oil demand. This situation may change now because China has successfully developed the field of electric vehicles.
According to experts, "the baton" will be handed over to India.
Russian experts pointed out that at the same time, the world's oil demand, which has just exceeded 100 million barrels/day, will continue to grow at a rate of about 1% per year.
The oil market is becoming more complex, making it more sustainable, as diversified demand requires diversified supply.
According to this expert, in the current situation, it is becoming increasingly difficult to predict the oil demand and supply of each country in the next few years, which reduces the role of Western consulting and analytical institutions and increases the importance of information cooperation among countries in the Global South.
Original source: https://www.toutiao.com/article/1835308019501255/
Disclaimer: The article only represents the views of the author.