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. “Oil demand from passenger cars, two-wheelers, three-wheelers, and buses has already peaked,” the report said. “Commercial vehicles are now the only segment contributing to growth.” Passenger EVs represent only 15% of oil-demand displacement today, but as this figure grows sharply, gasoline consumption is seen peaking […]