China oil demand is set to peak two years ahead of schedule.
This, according to the International Energy Agency’s (IEA) latest analysis which indicates that China’s oil consumption will top out at 16.9 million barrels per day by 2027. This is actually a big deal as China is the world’s second largest consumer of oil.
Of course, random natural disasters and war in the Middle East will always provide a boost for oil prices, but those situations will never be enough to affect the long-term decline in oil production and consumption. No matter how badly OPEC and President Trump attempt to convince the world otherwise.
This post originally appeared at Pro Trader Today.