IEA Will 'Revisit' Oil Demand Outlook

The International Energy Agency will review its electric vehicle (EV) use and oil demand forecasts after India and China recently signaled new policies in favor of electric cars and vehicles using other alternatives to gasoline. In its current policies scenario, last updated in November 2016, the IEA expects vehicle demand for oil to rise until 2040, Reuters reported. But after the world's two fastest growing oil markets, China and India, indicated they are likely to take radical turns away from gasoline, the IEA says it will need to review its forecasts. "We will therefore revisit our analysis of future EV market penetration on the basis of these new announcements for the next World Energy Outlook 2017, to be released on November 14,” an IEA spokesman told Reuters. In its "road map", released in April, China said it wants alternative fuel vehicles to account for at least one-fifth of a projected 35 million annual vehicle sales by 2025.