Bloomberg reported that trucks and ships powered by liquefied natural gas (LNG) are actively sold in China. Remarkably, the oil demand is slowing down! Black gold has been taking a back seat.
Analysts believe that the current trend will convince Beijing to shift focus away from crude oil in the long term. According to data from the Chinese analytical company First Commercial Vehicle Network, every third new truck in the country runs on LNG. As of April 2024, over 26,000 such trucks were sold. In annual terms, this figure has increased by an impressive 208%!
Bloomberg points out that the current demand for natural gas "could significantly impact transportation because it is now cheaper than diesel fuel." Liquefied natural gas is becoming much more attractive than oil due to its higher efficiency, greater environmental friendliness, and support from the political elite.