Goldman Sachs: Electric cars may cut oil demand

Goldman Sachs has indicated that an accelerated shift to electric vehicles following oil supply disruptions could lead to a decrease in global oil demand of up to 0.32 million barrels per day by the end of 2027. The bank forecasts that demand might decline to 0.13 million barrels per day by December 2027 if the adoption rate remains at the levels seen in May 2026, while growth could continue under the more severe scenario. It also noted that the majority of electric vehicle sales in India, Vietnam, and China involve two- or three-wheeled vehicles, which could replace between one-third and half of the fuel consumption by passenger electric cars. China recorded the highest increase in the adoption rate, with a rise of 11.4 percentage points.

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