And demand in China this summer has contracted compared with the prior year, according Struyven.
These vehicles reduced oil demand in China by 500,000 barrels per day in the first half of 2024, according to Goldman.
Oil demand for vehicles in China is expected to peak in 2025 as a consequence, decades ahead of other emerging market economies, according to Goldman.
If demand in China remains flat, Brent prices could fall to $68 per barrel by the end of next year, according to the investment bank.
While China is the furthest ahead, global gasoline demand is slowing as electric vehicles are adopted around the world.
Persons:
Brent, Daan Struyven, Goldman Sachs, Struyven, CNBC's, Bank of America's Francisco Blanch, Goldman, Jeff Currie, Currie
Organizations:
OPEC, Bank of America's, Bank of America, China Passenger Car Association, Goldman, Trucks
Locations:
China, East, Eastern Europe, Israel, Iran, U.S, EVs