China Emissions Fell in Q2 as Iran War Pared Oil Use: Analysis
CREA said transport fuel use fell 16% as rapid electric vehicle adoption and cleaner power cut oil demand.
- China's CO2 emissions fell 1% in Q2, driven by a 9% decline in overall oil consumption and a 16% drop in transport oil use, according to National Bureau of Statistics data analyzed by Carbon Brief.
- Severe disruption to traffic through the Strait of Hormuz heavily impacted crude shipments to China, while CREA analyst Lauri Myllyvyrta told AFP the crisis accelerated electric fleet adoption in gas-guzzling industries including mining.
- This reduction represents about 1.5 million barrels a day of avoided oil use, comparable to Q2 2020 levels during the COVID pandemic, as electric vehicle adoption on Chinese roads reached about 25%.
- State-Owned oil company Sinopec recently predicted that Chinese oil demand reached its peak in 2025, validating the government's energy security strategy and the critical role of electrification.
- As the world's second-largest oil consumer, China's potential shift away from peak oil could significantly impact global markets, similar to the 2014 price crash caused by roughly 2 million barrels daily oversupply.
13 Articles
13 Articles
Cratering oil use in China shows the death spiral that could end oil
Chinese oil use dropped drastically in Q2 of this year, leading to an overall drop in emissions for the country. That alone is a big deal – but the potential effects of the world’s second-largest oil consumer rapidly passing peak oil could have massive effects on the world’s oil markets. more…
China emissions fell in Q2 as Iran war pared oil use: analysis
Emissions from the gigantic East Asian economy have fallen before, but the April-June period was the first time such a drop was driven by lower oil consumption, according to the Centre for Research on Energy and Clean Air (CREA) analysis published by Carbon Brief. CO2 emissions were down one percent in the second quarter, it said, with oil use falling nine percent overall and 16 percent for transport, based on assessments of Chinese government d…
China’s emissions fell in Q2 as Iran war pared oil use
China is the world's biggest emitter, responsible for over 30% of global greenhouse gases. (EPA Images pic)BEIJING: China's emissions of planet-warming carbon dioxide fell in the second quarter of the year, the result of less oil use as shipping from the Middle East was stymied by the US-Iran war, analysis showed Thursday.Emissions from the gigantic East Asian economy have fallen before, but the April-June period was the first time such a drop w…
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