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Goldman Sachs forecasts oil demand drop
Goldman Sachs predicts that increased reliance on electric vehicles will contribute to a reduction of 320,000 barrels per day in global oil demand by the end of 2027. This comes as the share of electric cars in global vehicle sales rose to 26.1% in May. If this growth continues, oil demand could decrease by about 130,000 barrels per day by December 2027, and could double to 320,000 barrels per day with accelerated adoption. Data shows that markets such as China, India, and Vietnam are experiencing a notable increase in electric vehicle sales, with 12 of the top 15 markets focused on growth and acceptance of this technology.
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