JWN Energy Group’s Daily Oil Bulletin
6 November 2017
China and India are expected to continue to drive global oil consumption higher in the longer term, according to major oil forecasting organizations such as the International Energy Agency (IEA), U.S. Energy Information Administration (EIA) and OPEC. But for a number of critical reasons, national governments in both countries have indicated a strong desire to shift their light-duty vehicle (LDV) fleets from gasoline and diesel-powered internal combustion engines (ICE) to electric powered-engines in coming years. Although China is presently far better placed than India to push this transportation transition forward, oil consumption is likely to disappoint in both countries through 2040.