Electrical Vehicles Will Reduce Demand For Oil Worldwide: Rystad

Electrical Vehicles Will Reduce Demand For Oil Worldwide: Rystad

The penetration of electrical vehicles (EV) is set to grow in the coming years and may reduce the growth in global oil demand, according to Rystad Energy at a seminar on India’s challenges to achieve energy security held recently at the Norwegian Embassy.

Rystad Energy is an independent oil and gas consulting service and business intelligence data firm offering global databases, strategy consulting and research products. The firm recently established offices in Bangalore.

According to the firm, the sales of light duty vehicles will constitute 40 percent of global growth in oil demand. If these sales are partly replaced by electrical vehicles, the demand for oil will be drastically reduced. Read More…

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