Bank of Russia: World oil demand may reduce by mid-2020s

Baku. 16 February. REPORT.AZ/ Electric cars can lead to a decrease in oil consumption by the mid-2020s.

Report informs citing the TASS, Bank of Russia's department of research and forecasting stated in the bulletin "What the Trends Say".

According to the department, the dynamics of oil consumption by road transport will be greatly influenced by the speed of development of the electric vehicle market. "With a wide spread of scenario estimates, the peak of oil consumption by road transport is likely to be achieved by the mid-2020s. With a high rate of growth in the efficiency of fuel consumption or the rapid development of the electric vehicle market, the peak will be achieved in the coming years.

Bulletin said that regarding oil, in addition to motor vehicles, 11% of the aggregate demand comes from air and sea transport and according to various estimates, demand will continue to grow. Demand in the remaining 45% of world consumption which is petrochemicals is also expected to grow. For this reason, it is difficult to predict oil prices".