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…

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…