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- 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.
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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.
Key takeaways. According to the International Energy Agency, oil demand is expected to peak at 102 million barrels per day before 2030 rather than in mid 2030s, as estimated earlier. The transportation sector accounted for more than 60% of daily oil consumption in 2023, with passenger cars being the largest consumer, followed by commercial trucks.
- Holger Frey
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...
Sep 16, 2023 · As internal combustion cars account for around a quarter of global oil demand and broader road transport accounts for nearly half, the exponential growth of EVs puts all of that oil...
- Barrels of Oil Equivalent
- Oil Demand by Category
- Demand Versus Prices
- Electricity & Charging Infrastructure
A standard combustion engine passenger vehicle in the U.S. uses about 11 barrels of oil equivalent (BOE) per year. A motorcycle uses 1, a Class 8 truck about 24, and a bus uses more than 258 BOEs per year. If you are not familiar with the term “barrel of oil equivalent,” Wikipediasays it is a unit of energy based on the approximate energy released ...
Looking at the categories of vehicles in the WEF graphic, we see that buses use a lot of oil, mostly in the form of diesel fuel. The term “bus” can apply to many different types of vehicles, from school buses that only operate a few hours a day, to city public transportation buses that run 20 hours a day, to interurban buses that travel long distan...
While the world shifts from fossil fuels to electricity, Bloomberg New Energy Finance predicts the decline in oil demand will not necessarily equate to a drop in oil prices. In the event that investments in new supply capacity decrease more rapidly than demand, oil prices could still remain unstable and high. The US Energy Information Agency predic...
While most of us associate electric vehicles with lower emissions, it’s good to consider that they are only as sustainable as the electricity used to charge them. The WEF says the shift to electrification in the transportation sector represents a significant opportunity to meet the growing demand for electricity with clean energy sources, such as w...
In total, more than 20 OEMs, together representing over 90% of car sales in 2023, have set some sort of target for future EV deployment. The global electric car sales envisaged in announcements by manufacturers have increased by several percentage points based on developments over the past year.
Based on existing policies, oil demand from road transport is projected to peak around 2025 in the STEPS, with the amount of oil displaced by electric vehicles exceeding 5 million barrels per day in 2030. In the STEPS, emissions of around 700 Mt CO 2-equivalents are avoided by the use of electric cars in 2030.
