China's Oil Demand Drops 9% as High Prices Drive Shift from Crude

China's oil consumption declined 9% year-over-year in the second quarter, driven by high crude prices that accelerated the adoption of electric vehicles, rail, and industrial equipment. This shift contributed to a 1% reduction in China's carbon dioxide emissions during the quarter, marking the first such decline primarily from lower oil use. However, power-sector emissions rose 3% due to increased coal-fired generation. This significant drop in demand from a major consumer could put downward pressure on global crude oil prices, potentially easing inflationary concerns and indirectly influencing gold and USD/PKR rates.

بحوالہ / Source: oilprice.com