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Goldman Sachs says EV surge may cut oil demand by late 2027

Goldman Sachs reports that accelerating electric vehicle adoption may reduce global oil demand. The bank estimates a potential decrease of up to 320,000 barrels per day by late 2027. This trend is driven by rising EV penetration led by China and higher fuel costs.

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New data specifies a potential oil demand drop of 320,000 barrels per day by late 2027.

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  1. Goldman Sachs Forecasts EV Surge Could Cut Oil Demand by Late 2027

    Goldman Sachs reports that accelerating electric vehicle adoption may reduce global oil demand. The bank estimates a potential decrease of up to 320,000 barrels per day by late 2027. This trend is driven by rising EV penetration led by China and higher fuel costs.

    What's confirmed:

    • Goldman Sachs estimates EV sales could reduce global oil demand by up to 320,000 barrels per day by late 2027.
    • Rising EV penetration is led by China.
    • Global EV penetration has reached 26.1% of total.

    Still unconfirmed:

    • Brent crude prices could fall to $55.
    • EV adoption acceleration followed an oil supply shock related to the Strait of Hormuz.
    • Demand declines could range from 130,000 bpd to 320,000 bpd.
    confidence 90%