Electric vehicles are taking ever-bigger bites out of global oil demand, but they haven’t yet caught up with the growing size of the pie.

Gasoline and diesel displacement by electric vehicles will grow by 96,000 barrels a day this year, BloombergNEF said in a report Tuesday. That brings the lost cumulative demand since 2011 at 352,000 barrels a day, about as much as total consumption by some countries, such as Peru or Portugal. By comparison, total global oil demand growth over the same period rose 12 million barrels a day to 100.6 million, according to the International Energy Agency.

Still, the volume of oil displaced this year is nearly 14 times higher than…Click here for full article.