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Oil’s Displacement as a Road Fuel Is About to Ramp Up, BNEF Says

Electric vehicles will push 2.5m b/d of oil out of transport use by 2025: BNEF

A Tesla electric vehicle at a charging station in Rocklin, California.

A Tesla electric vehicle at a charging station in Rocklin, California.

Photographer: David Paul Morris/Bloomberg
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The displacement of oil as a road fuel will accelerate through 2025 as the uptake of electric vehicles ramps up, according to a new report.

Electric passenger car numbers are seen surging to 77 million over the next four years, according to BloombergNEF’s latest outlook on the sector, up from about 20 million now. That almost four-fold increase will push the amount of oil that EVs curb from transport use as high as 2.5 million barrels a day by 2025, up from about 1.5 million barrels a day now.