The trend of EVs undermining demand for oil products appears to be especially visible in the Asia-Pacific, the Kpler report suggests, as analysts see no demand growth in that region for this year at all. In China specifically, Kpler sees an actual decline in the demand for petroleum products this year, in part because of the trade war with the United States, which has affected certain fuel markets, most notably that for liquid petroleum gas. Last month, Morgan Stanley forecast that Asia would see the strongest rate of gas demand growth, at an annual 5%, which would exceed the demand growth rates in other key regions such as Europe and the United States, where the rate of growth is seen at 1% and 3%, respectively.
Author: Irina Slav
Published at: 2025-08-24 23:00:00
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