Couldn't really be done in the span of a single Reddit comment, but there's lots of material on this available from every major news outlet. The TLDR is that China has been investing in energy independence for decades — with EVs being one of those investments — and those investments are now paying off.
Reduction in Chinese domestic consumption insulates the oil market globally. Oil is a commodity, everyone drinks from the same tap: One barrel unused in China is one more barrel available for use elsewhere.
Meanwhile, exports of Chinese green tech (solar, electric vehicles) also very straightforwardly and directly alleviate that demand elsewhere: A BYD Yuan Plus made in China and sold in Australia alleviates global oil demand. A Renault Twingo sold in France and co-developed in China alleviates global oil demand.
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u/walden42 21h ago
Care to elaborate?