Shift toward EVs, particularly in China, could disrupt global oil market, energy report says

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China already accounts for half the world’s electric cars on the road. By 2030, it’s projected that 70% of new car sales in China will be electric. With its massive additions of new wind and solar power, China is aligned with its target for addressing climate change, seeing emissions peak and begin to decline by the end of the decade.

As China’s rapid switch to electricity plays a significant role in disrupting the oil market, oil companies find they can sell more of their product to India. The IEA projects that India will add nearly 2 million barrels per day of oil to its demand by 2035, potentially offering a lifeline to oil producers looking to offset declining growth in other regions.

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Shift toward EVs, particularly in China, could disrupt global oil market, energy report saysAn increasing shift toward electric vehicles globally, especially in China, is poised to disrupt the global oil market, according to a new report by the International Energy Agency.
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