The rising adoption of electric vehicles (EVs) worldwide poses a major threat to long-term crude oil demand and prices. Projections indicate global oil demand from road transportation will peak within this decade and decline significantly by 2040 due to electrification of vehicle fleets. This has major implications for crude oil producers as well as economies dependent on oil revenues. This report starts with an overview of the rationale and current EV market, and then explains different drivers and regional development of EV. Finally, the report ends with EV trends and their implications on crude oil market, aiming to provide meaningful perspectives when investors want investigate interaction between EV and oil.
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