EVs now displace five times more oil than five years ago

· Climate

Battery electric vehicles now displace about five times more oil globally than they did five years ago, according to an analysis by the European transport group T&E. BEVs make up roughly 4.2% of the global car fleet but account for a quarter of all new cars sold worldwide, and they displace 1.2 million barrels of oil a day. T&E, writing five years after the Glasgow climate summit, calls EVs the single most effective way to curb oil use. The figures frame the shift as a structural force on oil demand rather than a niche trend, even as the electric share of the total fleet remains small.

Why it matters：Displacement of oil by EVs is a direct input to long-run oil demand forecasts and to how refiners and producers plan capacity.

Key points

  • BEVs are about 4.2% of the global car fleet but a quarter of new car sales.
  • They displace 1.2 million barrels of oil a day.
  • T&E calls EVs the most effective way to curb oil use.

Sources (original reporting)

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