EVs Won’t Stifle Oil Demand Anytime Soon

There will be 280 million EVs on the roads in 2040, up from 2 million today—but even this increase won’t be able to stifle crude oil demand, the International Energy Agency says. This increase will come from government policies aimed at tackling climate change and from the industry’s apparent determination to go electric. Even so, the IEA said, global oil demand will continue growing in tune with supply, to hit 105 million bpd in 2040, driven by petrochemicals and fuel for trucks, ships, and aircraft. The IEA notes that although…
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