Ever since the war in Iran started earlier this year, China has significantly reduced its purchases of oil from the world market. China has been the world's largest oil buyer, which has reduced the pressure of oil prices, as reported by Reuters and YLE.
Oil consumption in China had already fallen before the war in Iran due to the slowdown in economic growth and the widespread use of electric cars. But this current decline in oil demand has been something else.
In fact, China's use of gasoline and gasoline products fell by up to 20 percent in April compared to the previous year. The Chinese have not reduced their travel, but have changed it. People have switched from gasoline-powered cars to electric vehicles, meaning trains, subways, electric taxis and electric trucks. And as you might expect, charging of electric vehicles increased by 69 percent in April compared to last year.
Experts believe that Chinese behaviour has permanently changed towards reducing oil consumption, supported by the rapid spread of electric vehicles.