Analysts Warn China’s Oil Demand May Never Fully Recover

China’s crude oil imports could remain permanently depressed, energy analysts have predicted, citing demand destruction resulting from the electrification of transport in the world’s largest oil importer.

“Consumer behavior can be a bit sticky,” according to Lin Ye, vice president of oil markets at consultancy Rystad Energy, as quoted by Bloomberg.

“For those who shifted to electric cars during the war, there might be little reason to switch back unless fuel prices become substantially cheaper.” Interestingly,…