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Oil Demand is Dying Faster than Expected from Electric Cars and Buses

•, brian wang

Germany had a drop in diesel demand of 9% so far in 2018.

China is calling for the production of 2 million electric vehicles (EVs) a year by 2020, and 7 million a year by 2025. By 2025, electric vehicles would be 20% of total new car production for China.

Every five weeks, 9,500 brand new electric buses are added in China. This is th entire London bus fleet, says a new report by Bloomberg New Energy Finance.

The world has around 3 million buses. Most run on diesel and compressed natural gas. The global fleet of electric buses now totals around 385,000 vehicles – and 99% of those are in China. Half of the world's buses could be electric by 2025. If the electric bus rollout sped up then almost all of the world's buses could be electric by 2025.

Having all electric buses and a large number of short-haul electric trucks could offset 2.5 million barrels per day of oil by 2025 to 2030.

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