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US shale oil producers are becoming increasingly efficient, potentially impacting future oil prices. The decoupling of oil demand from economic growth, driven by the rise of EVs and renewable energy, signals a structural change in markets, particularly in China, where oil consumption has declined for six consecutive months. OPEC's hopes for a recovery in oil demand are fading, as they postpone production increases and lower growth forecasts, while the developing world, especially India, may not compensate for China's reduced appetite for oil.
Zachary Quinto
People
The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
hifting dynamics in global oil demand amid rising electric vehicle adoption
19:34 20.11.2024
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