Mart wrote: ↑Thu Apr 11, 2024 12:58 pm
Adokforme wrote: ↑Wed Apr 10, 2024 8:28 pm
Thanks for that Nowty. If my schoolboy sums are correct then approx 9 x the reserves of the UK but with approx 23 x the population. So per head of population about two and a half times less than here.
At the rate of consumption then by known reserves in 2016 sufficient for approx 16 years or 2032. Don't know if that is anywhere near but applying the same sums to the UK I believe our reserves would run out in 2027!
Of course my calcs may be out by a decimal place or two.
Always need to take China data with a pinch of salt, but they were hoping to reach 'peak oil' consumption in 2023. I don't know if they did (doesn't look like it), but the rapid shift to EV's for road transport, and the transition already of 100's of thousands of buses, is helping. If they pull that one off by/before mid decade, it will be quite impressive.
Just an update on my comment, as it seems China's imports of oil have set a new record, so, so much for peak last year.
However, the comments are interesting, suggesting stockpiling of oil, and an increase in producing some petro-chem products like textiles. So increased imports aren't necessarily the same as increased consumption, but I'd assume that it's doubtful that oil consumption peaked in 2023. But with BEV + PHEV sales increasing and approaching 50%, maybe 2024 is the year, or at least very close?
I think the graph trend line is promising(?) compared to the growth up until 2020,especially for a country transitioning to an ever higher level of 'middle class', with greater ownership of goods like motor vehicles. However, the jump from 2021 and 2022 is a little unnerving.
Bad News: Record Oil Imports into China in 2023