Lithium, coined 'the new oil,' is shifting global markets. Here's what you need to know about it

Lithium, coined 'the new oil,' is shifting global markets. According to the United States Geological Survey, global consumption increased by 41 per cent from 2021 to 2022. In 2022, Canada produced an estimated 500 tonnes of lithium — an amount dwarfed by the tens of thousands of tonnes produced by global lithium powerhouses. Johnson notes that China — the world's third-largest producer of lithium — connects "the next link in the supply chain," often acting as the world's processor and manufacturer. China is also responsible for over half of the world's lithium refining.