Shein and Temu Are Driving Oil, Not GM and Toyota

(Bloomberg Opinion) — To hear overseas oil executives talk, you would think that Chinese drivers and air passengers were coming to the rescue of an oil market looking for direction. Reports from staff on the ground in China suggest that "demand is looking very good,” Trafigura Group Chief Executive Officer Jeremy Weir told Bloomberg Television earlier this month on the sidelines of the CERAWeek industry conference in Houston. "Shops are full, restaurants are full, and I think we're going to see international travel increase a lot.” Downgrades to the outlook for electric vehicles have been serious enough that oil consumption…