Bloomberg reported that the increasing reliance on electric cars has contributed to reducing global demand for oil by 2.3 million barrels per day by 2025, and the importance of this type of vehicle has become particularly prominent in light of the sharp rise in oil prices following the closure of the Strait of Hormuz.
Bloomberg analyst Claudio Lopez believes that oil consumption will witness a steady decline with each year, as a result of more drivers switching to using electric cars.
Bloomberg’s research team expects this decline in fuel consumption to double by 2030, reaching 5.25 million barrels of oil per day. This prediction is based on a scenario in which governments assume the expansion of technology that encourages the use of electric vehicles for economic reasons in addition to environmental considerations.
The spread of electric tricycles, especially in developing countries, has also contributed to reducing dependence on oil, in addition to the increase in the use of electric cars of various sizes.
Bloomberg referred to another report issued by the Ember Research Center in London, which explained that the use of electric cars has led to a decline in demand for oil by 1.7 million barrels per day over the past year.
Ember Center analyst Dan Walter explained that his study’s numbers are based on conservative estimates of the number of times electric and fuel-electric plug-in hybrid cars are used, as well as sales of large electric cars.
According to Ember Center estimates, China has the ability to save about $28 billion annually from its oil consumption thanks to its possession of a large number of electric cars.
India can also save about $600 million annually, while Europe can save about $6 billion annually, as a result of reduced oil consumption.
Bloomberg explained that sales of electric cars were expected to decline this year due to China’s cancellation of some forms of support, and Washington’s abandonment of some policies and measures that support the environment. However, the war in the Middle East has reinforced the importance of electric cars. Walter pointed out that fluctuations in oil prices make electric cars “a logical choice for countries that want to protect themselves from future shocks.”
The Ember Center study indicates that electric car sales represent about 10% of total car sales in 39 countries, compared to only four countries in 2019.
Electric vehicle sales witnessed a rise in Asian countries, reaching more than 50% of total vehicle sales in China last year, while the percentage reached 38% in Vietnam and 21% in Thailand. (Al Jazeera Net)
