Rising electric vehicle sales help reduce global oil demand

The oil displacement is said to increase to 7 million barrels per day by 2030.

According to a report, the rise of electric vehicle sales across international markets has reduced the global oil demand. The report suggests that the adoption of EVs and FCEVs helped avoid almost 1.5 million barrels of oil a day in 2021, which is about 3.3% of the total demand. Also, the amount of avoided oil consumption has doubled since 2015, up from 725,000 barrels a day.

The reports also stated that two and three-wheeler EVs accounted for 67% of the oil demand avoided in 2021, mainly thanks to their rapid adoption in Asian countries. It was followed by buses which accounted for 16% of the total oil demand avoided, closely followed by the passenger vehicle segment with 13%. The light commercial EVs were at the bottom, accounting for just 4% of the total oil demand avoided.

As per the statistics, the oil displacement is said to increase to 7 million barrels per day by 2030. It will further rise to 16 million barrels per day by 2035 - representing the permanent removal of oil dependency.

Source: BloombergNEF