China Now World’s Largest Consumer of Energy

According to the International Energy Agency (IEA), China is now the world’s largest energy consumer. With annual growth levels surpassing 10 percent – even after the government has implemented measures to ease expansion – demand for energy in China is expected to continue to grow while usage in western countries is waning.

“As China overtakes the U.S. as the world’s largest energy consumer, it is not only a domestic issue for China, but has repercussions for the rest of the world not only in supply terms, but also in how the energy is consumed,” IEA Chief Economist Fatih Birol said yesterday in an interview in Paris. “If China uses electric cars, hybrids and so on, they will impose the manufacturing line on most of the rest of the world.”

Source: Bloomberg

Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.