Growth in petrol demand slows this year due to the growth of electric vehicles in China and the US
May 6, 2024
Analysts say global gasoline demand growth could halve in 2024, squeezing refiners’ margins in the second half of the year, driven by the switch to electric cars in China and the US and a return to normal consumption after last year’s jump following COVID-19.
Demand is expected to rise by 340,000 barrels per day (bpd) to 26.5 million bpd this year, the lowest growth since 2020, down from 700,000 bpd growth last year, as China nears its peak in transport fuel demand and the US exceeds it, according to consultancy Wood Mackenzie.
