EVs Shoving Aside Big Volumes of Oil

Slideshow on where we are with EV and PHEV adoption across the planet. The one slide which stopped my perusal was #9 about the 1.5 million barrels of oil being displaced daily by EVs. This answers a question I’ve asked several times before on twitter and no one knew the answer:


Global oil demand in road transport reached roughly 43.7 million barrels per
day in 2021, a slight increase since 2015.

The adoption of electric vehicles and fuel cell vehicles avoided almost 1.5
millions of barrels of oil per day in 2021 – about 3.3% of total demand. The
displaced demand is roughly equivalent to one-fifth of Russia’s total oil and
oil products exports prior to the war, and roughly double Germany’s imports
of Russian oil and products at the end of 2021.

Avoided oil consumption has more than doubled in the past six years, up
from ~725,000 barrels of oil per day in 2015.

Two- and three-wheeled EVs accounted for 67% of the oil demand avoided
in 2021. This is due to their rapid adoption particularly in Asia.

Buses, with 16% of total oil demand avoided, were next, followed by
passenger vehicles, the fastest growing segment, accounting for 13%.

Commercial vehicles accounted for just 4% of total oil demand avoided in
2021, largely from light commercial EVs.

In BNEF’s Net-Zero Scenario, which achieves a zero-emission vehicle fleet
globally by 2050, oil displacement increases to over 7 million barrels per
day in 2030 – roughly equivalent to Russia’s total oil and products exports
prior to the war.

This figure rises to nearly 16 million barrels per day in 2035, and represents
permanent removal of oil dependency.

1 Like