China also has the second largest EV market in the world and sales of EVs are surging. Interestingly, China's EV market is made up almost entirely of Chinese vehicle manufacturers (BYD) - 96% of EV sales are from Chinese companies. China has an estimated 200 million e-bikes and 200 thousand electric buses.
To just flippantly say that demand for oil will just continue unabated in China is, frankly, not very tuned into what appears to be happening on the ground. So yes, the market is still very small but that may be the key indicator for big future change.
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