Goldman Sachs: EVs may cut oil demand

Goldman Sachs Bank expects that increased use of electric vehicles will lead to a decrease in global oil demand by approximately 0.13 to 0.32 million barrels per day by the end of 2027. This comes as electric vehicle sales reached 26.1% last month, the second-highest level ever. It also noted that three-wheeled electric vehicles are widely spreading across India, Vietnam, and China, and can replace between one-third to half of the fuel consumption of a single electric passenger car. The adoption rates are rising in 12 of the world's 15 largest markets, led by China.

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