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

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Climate,Environment

An 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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An increasing shift toward electric vehicles globally, especially in China, is poised to disrupt the global oil market, according to a report released Wednesday by the International Energy Agency. The clean energy expansion, however, is happening alongside a rise in demand for electricity, including power produced by burning coal, according to the IEA."This has meant that even as we saw record growth in clean energy installations and additions, emissions kept increasing,” said Lauri Myllyvirta, lead analyst at the think tank Centre for Research on Energy and Clean Air.

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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