Did you know that in China over 50% of new car buyers have never actually owned a car before! The Chinese car market is huge, particularly with their ever-expanding middle class already owning over 80 million cars (the majority of which are powered by oil). This month’s chart shows the forecast for oil-powered cars in China continuing to grow strongly.
While the price of oil has seen significant movements over the past two years, it can be easy to lose sight of future demand. Over this time, the price of oil has fallen over 70% from US$130 a barrel to below US$30, and rallied back over 60% to US$50 in August. Volatility of this nature can cloud the long-term picture, with growing oil demand from global aviation, heavy industries and expanding personal car use, like in China. Click here to read more.
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