It looks like peak oil will arrive faster than predicted. Demand growth was already projected to be under 600,000 barrels a day this year, but the blockade and rising prices have pushed it into negative territory, accelerated by the rise of cheap Chinese EVs, solar, and batteries.

Oil is now trapped in an economic squeeze: at high prices, it is undercut by renewables and EVs; at low prices, extraction costs eliminate any profit margin. So, we are witnessing the end of the oil age and transitioning into the age of electricity. The chinese curse may you live in interesting times come to mind as this transition will not be peaceful