Global Oil Demand: Asia vs. the West
More electric vehicles, higher demand for oil? (With 7 Charts and 2 Tables)
Note: in this article, we use “liquids demand” and “oil demand” interchangeably, although liquids include biofuels. When talking about crude, we will mention “crude.”
Yes, the increase in electric vehicle sales is replacing some gasoline demand but manufacturing them is creating a boom in oil demand! 
A night view of the Liaoyang Petrochemical Company factory in Liaoning province. Source: China Dialogue, 2020
In the same manner that analysts and various agencies do not agree on growth in global oil production, which we discussed last week, they do not agree on growth in global oil demand in 2023. Yes, 2023!