The demand for millions of barrels of oil a day could soon be wiped out by electric cars. According to the latest figures, the number of electric vehicles on the world’s roads is expected to increase from 11 million to 145 million by the end of the decade.
According to a report by the International Energy Agency (IEA) as a method of achieving global climate goals; If governments around the world agree to encourage the production of low-carbon vehicles, there could be 230 million electric vehicles worldwide by 2030.
Revenue in the first quarter of 2021 was more than 2.5 times, or 250 percent, higher than in the same months last year. This was the result of the IEA’s first global report on electric vehicles.
In 2020, three million new electric cars were registered worldwide, bringing the total number of electric cars to 10 million, despite the economic slowdown that has caused the global auto industry to shrink by 16 percent. In addition, the number of other electric vehicles such as electric vehicles, heavy trucks and buses is around one million.
This surge in the number of electric cars is expected to have a significant impact on oil companies as the profits they make from crude oil production depend on the demand for fuels for transportation.
By 2030, electric vehicles could potentially eliminate the need for roughly two million barrels of diesel and gasoline per day and save the equivalent of 120 million tons of carbon dioxide.
If governments increased their ambitions for electric road transport by aligning them with global climate goals, a doubling of the CO2 savings made by these vehicles could displace around 3.5 million barrels of oil per day.
According to IEA reports, spending $ 120 billion on electric vehicles last year saw spending increase by 50 percent compared to 2019. This boom is having an impact on the global auto industry worth billions of dollars. In the past year, automakers also launched 370 electric models, an increase of 40 percent compared to 2019.
Fatih Birol, Executive Director of the IEA said, “Current sales trends are very encouraging, but our shared climate and energy goals require an even faster time to market.”
The IEA report calls for “stronger ambitions and action by all countries” and calls for the production of sufficient electric vehicles to put the world on the right track to meet its climate goals, a “daunting challenge”.
