"That is locked in, and that's having a bigger impact on oil demand than electric vehicles," Looney said at the CERAWeek energy conference. Around 3 percent of the global vehicle fleet is EVs, he said. The world's vehicle fleet is expected to grow to 2.2 billion vehicles by 2040, with much of the growth coming from China and India, he said. With more efficient vehicles and many more electric vehicles on the road, fuel demand could fall by 5 million to 10 million barrels per day by 2040, Looney said. The existing global light vehicle fleet consumes about 32 million bpd, he said. That accounts for around a third of global oil demand. (Editing by Simon Webb)
HOUSTON, March 7 (Reuters) - Fuel efficiency in new
light vehicles is having a bigger impact on fuel demand than
rising sales of electric vehicles, BP Chief Executive Bernard
Looney said at an energy conference on Tuesday.
As old vehicles in the world's 1.4 billion fleet of light
vehicles are scrapped, newer vehicles with higher mileage per
unit of gasoline have taken their place.
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.