The missing 1.35 million barrels per dayIn the first half of 2026, China’s electric vehicle fleet displaced an estimated 34 million tonnes of oil. Using a standard conversion for crude-equivalent volumes, that is around 1.35 million barrels per day, more than 1% of total global oil consumption. The oil displaced in six months is equivalent to roughly 6% of a full year of Chinese crude imports. This does not mean China can subtract exactly 1.35 million barrels from today’s import bill. Oil demand is influenced by refinery margins, petrochemical consumption, economic activity and product exports.