That's like asking "why is the train still moving even though the brakes are on"?

Not very long ago not only was consumption increasing every year, it was increasing at an increasing rate every year. And that increasing rate was itself increasing not so much time before that. We've reversed the 3rd derivate, and we've reversed the 2nd derivative. If the 2nd derivative is negative for sufficient time, the 1st derivative will itself go negative. Looks like it'll happen this year, but the year's not over yet.

The first derivative is consumption. The 0th derivative is amount of carbon in the air. For that to go down would require a carbon negative economy which I don't have much hope for.

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.