As electric vehicles are to increase their popularity, particularly beyond 2025, the world petrol demand is to peak within 13 years, says a report by UK-based analysis firm Wood Mackenzie.

The analysis estimates that the demand for oil in developed countries will reduce by about four million barrels per day by 2035. But, on the other hand, the developing economies will increase their demand for oil by nearly 16 million barrels per day by 2035.

Currently 60 million out of the 96 million barrels of oil consumed globally every day is used in transport. But this is to decline from 2030, according to the analysis.

Factors such as development of more fuel efficient vehicles, climate change policies, maturing of developing economies, and restrictions such as fuel efficiency and pollution standards imposed by governments are the other reasons for the decline in the demand.

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