Fuel Consumption Declines in Europe, China Surges in Demand

Fuel consumption in Europe is expected to decline significantly due to weak economic growth and reduced demand in the manufacturing and transportation sectors. On the other hand, China is experiencing a surge in demand for diesel-type fuel due to its booming property sector and investments in petrochemical capacity. The International Energy Agency proposes a global strategy to limit global warming to 1.5C, including tripling global renewable capacity and implementing innovative financing mechanisms for clean energy investments. The price difference between crude oil and petrol is souring, indicating a decline in gasoline demand due to factors such as rising fuel efficiency and the increase in electric vehicles.