Forget Tesla, It's China's E-Buses That Are Denting Oil Demand

The oil industry needn’t be too concerned -- for now -- about how Tesla Inc.’s electric cars are denting demand. China and its bus fleet could be more of a worry.

By the end of this year, a cumulative 270,000 barrels a day of diesel demand will have been displaced by electric buses, most of it in China, according to a report published Tuesday by BloombergNEF. That’s more than three times the displacement by all the world’s passenger electric vehicles (a market where Tesla has a share of about 12 percent.).