Demand for gasoline for motor vehicles has already reached its peak...
Demand for gasoline and diesel fuel for road transport has already peaked in the US and Europe and is expected to peak in China this year. Demand in India will begin to decline in the 2030s.
Bloomberg predicts that electric vehicles will displace 20 million barrels per day of oil demand by 2040, which is 10 times higher than the current reduction due to electric vehicles. Electric vehicles will replace more than 20 million tons of crude oil demand in China in 2024, equivalent to 10% of the country's gasoline and diesel consumption, according to Lu Ruquan, president of the state-run Economics and Technology Research Institute of China National Petroleum Corporation.
Sales of battery-powered electric vehicles in China rose 18.2% in January- February, which is slower than growth of 20.8% for all of 2023.
However, along with plug-in hybrids, sales of new energy vehicles (NEVs) in China jumped up 37.5% in the two-month period, from 36.2% in 2023.
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