Wood Mackenzie Sees Gasoline Demand Plummeting This Year

Global gasoline demand is set to decline sizeable this year, according to Wood Mackenzie, driven by greater adoption of electric vehicles, the consultancy said, as quoted by Reuters. "Penetration of electric vehicles has been increasing in the U.S. and China," Wood Mac analyst Sushant Gupta said. "For this year Chinese demand will grow by only 10,000 bpd, due to higher EV uptake." EV sales in China are seen by some local analysts rising by 24% this year to a total of 11 million vehicles. This would be a slowdown from last year’s 36%…