Global gasoline demand is set to decline sizeable this year, according to Wood Mackenzie, driven by greater adoption of electric vehicles, the consultancy said, as quoted by Reuters. 'Penetration of electric vehicles has been increasing in the U.S. and China,' Wood Mac analyst Sushant Gupta said. 'For this year Chinese demand will grow by only 10,000 bpd, due to higher EV uptake.
That’s not exactly the sort of number that could undermine gasoline demand but it appears Wood Mac expects an acceleration in EV sales during the rest of the year. All in all, the consultancy expects global demand for gasoline to add 340,000 barrels daily this year, for a total of 26.5 million barrels daily. This would be about half of last year’s growth rate, which stood at 700,000 barrels daily.
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