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Global vehicle sales to fall by 2040, but oil demand to rise: Study

The study's authors expect 43 million barrels a day of new oil production will need to be brought into development by 2040

Paul Lienert Jessica Resnick-Ault | Reuters 

Global vehicle sales will decline over the next two decades as consumers embrace on-demand ride services like Uber, but demand for oil will keep rising, according to a study released Tuesday. Another counterintuitive finding from the study by IHS Markit was that more than 80 per cent of the vehicles sold worldwide in 2040 will still use some form of petroleum-fuelled combustion engine. Annual vehicle sales in the United States, Europe, China and India will decline over the next 23 years to 54 million in 2040, as total miles travelled rises 65 per cent to around 11 billion ...

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First Published: Wed, November 15 2017. 02:09 IST