Wood Mackenzie, an energy consultancy, expects global gasoline demand growth to halve in 2024 as a result of the surge in the number of electric vehicles in China and the US, squeezing refineries’ profit margins in the second half of the year.
Wood Mackenzie said that the increase in global gasoline demand in 2024 is likely to reach its lowest level since 2020, reaching 340000 barrels per day, halving the growth of 700000 barrels per day in 2023.
The slowdown in gasoline demand is linked to increased penetration of electric vehicles in the US and China, where gasoline demand is expected to grow by just 10, 000 barrels a day this year because of the popularity of electric vehicles, according to analyst Sushant Gupta.
Meanwhile, US gasoline consumption fell to about 376 million gallons a day in 2023, and demand is expected to be flat in 2024.
The International Energy Agency (IEA) estimates that China was once the driver of global gasoline demand and is expected to account for more than half of global electric vehicle sales this year.
As falling prices stimulate demand, the share of electric vehicle sales in China is likely to reach 45 per cent this year, about 25 per cent in Europe and more than 11 per cent in the US.
comes after it said in a separate analysis in March that more than 20 per cent of the world’s refining capacity, about 3.
9 million b / d, was at risk of shutting down as gasoline profit margins fell and pressure to reduce carbon emissions increased.
, return to the first electric network home page >.