China’s state petrochemical giant Sinopec has effectively claimed that Chinese petroleum – and therefore oil demand since it is the largest single component – has peaked this year following the continued uptake in electric vehicles within the region leading to petroleum demand beginning its decline. Other significant components of oil demand remain largely static without any significant reason to make up for petroleum’s loss, heavy duty freight is already electrifying at a rapid rate as the cost incentives associated with switching to electric increasingly present themselves in lifetime cost of operations (LCO) calculations, where even highway electricity costs remain more efficient than petrol and diesel, and home charging remains cheaper still. Other major components of oil demand like marine freight…