Big Oil faces a tiny foe on the streets of Asia and Africa. The noisy, noxious vehicles that run on two and three wheels, carrying billions of people daily, are quietly going electric in turn knocking down oil demand by one million barrels a day this year.
Taken together, cars and smaller electric vehicles are projected to displace only 4 percent of total oil demand this year. Still, their growth is vital to the energy transition because transportation accounts for about 20 percent of global greenhouse gas emissions.
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