China Sets 70% NEV Sales Target by 2030, Accelerating Oil Demand Peak

China's new five-year automotive plan targets 70% of passenger car sales to be electric or hybrid by 2030, up from 54% at end of last year, and 40% of new commercial vehicle sales electric. This policy shift accelerates the structural decline in global road-fuel demand, with implications for oil price forecasts and refining margins. The target may be achieved earlier, adding downside risk to long-term oil demand projections.