Analysts say China’s oil imports may not fully rebound after the Iran war

The Iran war’s surge in oil prices is speeding up China’s shift toward electric vehicles, with fully electric registrations rising to almost 42% of the total in April. Analysts estimate China may permanently lose 300,000 to 600,000 barrels a day of transportation fuel demand, and crude imports are expected to fall by 3.3 million barrels a day this quarter from a year earlier. The International Energy Agency says China’s average oil demand is set to drop by 360,000 barrels a day this year, the first meaningful annual decline since the oil crises of the 1970s and early 1980s.