(Reuters) Gas effectivity in new mild autos is having an even bigger affect on gasoline demand than rising gross sales of electrical autos, BP Chief Government Bernard Looney stated at an power convention on Tuesday.
As outdated autos on the earth’s 1.4 billion fleet of sunshine autos are scrapped, newer autos with greater mileage per unit of gasoline have taken their place.
“That’s locked in, and that is having an even bigger affect on oil demand than electrical autos,” Looney stated on the CERAWeek power convention. Round 3 p.c of the worldwide automobile fleet is EVs, he stated.
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The world’s automobile fleet is anticipated to develop to 2.2 billion autos by 2040, with a lot of the expansion coming from China and India, he stated.
With extra environment friendly autos and plenty of extra electrical autos on the street, gasoline demand might fall by 5 million to 10 million barrels per day by 2040, Looney stated. The present world mild automobile fleet consumes about 32 million bpd, he stated. That accounts for round a 3rd of worldwide oil demand.
