Search results
May 15, 2023 · The rapid growth of electric vehicles (EVs) will potentially disrupt the traditional oil market. The data presented indicates a significant decline in oil demand as more countries and consumers embrace EVs.
Dec 6, 2023 · Growing sales of electric vehicles in recent years have led forecasters to speed their projections for when global oil use will peak, as public subsidies and improved technology help...
In 2023, world’s daily oil consumption reached 101.7 mb/d,6 with more than 60% of it used by the transportation sector. Within road transportation, in 2022 passenger cars consumed 24.3 mb/d, followed by commercial trucks (16.2 mb/d), whereas two- and three-wheelers consumed 2 mb/d.
Jun 22, 2023 · It’s good news then, that the world’s demand for oil is set to peak this decade. As more people switch from gasoline and diesel guzzlers to electric vehicles, oil consumption for road transport is on track to crest in 2027, according to a report from BloombergNEF.
Although two and three wheelers account for the smallest portion of oil consumption in the transportation sector, rapid electrification in this segment has reduced the global oil demand in 2023 by 1 million barrels a day and the trend is expected to continue.
- Holger Frey
Aug 11, 2023 · The IEA is downgrading oil demand forecasts due to factors such as slower post-pandemic recovery, tighter efficiency standards, and the significant surge in electric vehicle usage, all of which are influencing global oil consumption patterns.
People also ask
Will electric vehicles disrupt the traditional oil market?
Will EVs erase world oil demand by 2030?
Will oil consumption crest in 2027?
Is electrification a game-changer for global oil demand growth?
Will oil prices drop in 2025?
Will electric trucks be a big trend in 2025?
Apr 27, 2023 · Global oil demand is set to decrease by 5 million barrels a day by 2030 as electric vehicles become a mass market, the International Energy Agency projected in its 2023 Global Electric Vehicle Outlook.
