Falling costs of electric cars and renewable technology may halt growth in oil demand from as early as 2020, they argued in a report on Wednesday. The current boom in electric vehicles is on track to displace 2 million barrels of oil per day by 2025, they calculated. Oil and gas giant BP, for example, predicted last week that oil demand from cars would continue to rise well into the mid-2030s. Non-industry analysts are split on how quickly electric vehicles will displace those powered by internal combustion engines. "We assume the electric vehicles will be cheaper than oil-burning combustion engine vehicles from 2020 onward," explained Sussams.

Source: Viet Nam News February 02, 2017 04:04 UTC