Energy report predicts the ongoing shift toward EVs could drastically disrupt the global oil market

An increasing shift toward electric vehicles globally, especially in China, is poised to disrupt the global oil market, according to a report released in October by the International Energy Agency.

In recent years, China has accounted for most of the growth in oil demand and planet-heating emissions, but electric vehicles now make up 40% of new sales of cars there, and 20% of sales globally, putting major oil and gas producers “in a bind.”

The IEA World Energy Outlook 2024 outlines a future where EV adoption continues to gain momentum, potentially displacing up to 6 million barrels per day of oil demand by 2030. The agency said based on current trends and policies and the availability of materials, EV will reach 50% of global car sales in 2030.

China already accounts for half the world’