Comment by maxglute

It's more like renewables reducing velocity of increase in oil demand (for now). A few more pieces really need to come together, most oil displacement is EV and storage which is infrastructure problem.

Apart from PRC EV displacing 1mbd in oil. The other unmentioned stat PRC annual solar production, assume 30 year lifespan displaces about annual global oil consumption, i.e. 100mbd per day worth of oil. Their total solar output is 2x, what they produce, i.e. they produce enough solar to replace global oilm lng and a big chunk of coal in 10-15 years at full capacity. Storage hasn't caught up, true oil displacement depends on what storage lag will be, but likely short/medium term, not long term.

As for actual oil use, notice how PRC hammering EVs but still importing high % of oil, that's ongoing strategic reserver SPR and petchem play, i.e. even though they'll use less oil, they plan to store more (to mediate prices), and convert more into petchem products. So future is world where cheap renewables will displace oil from transportation to industr... because lots of energy = more industry = increase demand for fossil inputs. Which could mean less/same/more oil demand, unhelpful, I know.