Battery-powered vehicles affected the oil market
Sales of electric vehicles in the world have grown rapidly. Only 395 electric vehicles were sold worldwide in the first quarter of 2010. More than 1.7 million have been sold in the last quarter of this year. Of these, more than 9.35 lakh electric vehicles have been sold in Asia. EV’s sales in the last quarter were 10.8 percent of the world’s total car sales.
Which shows a boom in electric vehicles in the last 4 years. In 2017, the figure was only 1 percent. According to Bloomberg NEF research, all types of electric vehicles, including buses, two-wheelers, and three-wheelers, reduced oil and petroleum products (diesel-petrol) by just 1 million barrels per day earlier this year. It is expected to decline further by the end of this year.
By the middle of this century, EVs are expected to reduce oil demand by 21 million barrels per day. Currently, most damage is done to diesel internal combustion engines. Seven years ago, diesel engines accounted for more than half of car sales. But last month its share fell to less than 10 per cent. According to a Bloomberg survey, demand for oil will remain at peak levels until 2025.
It will start to decline later. According to most investors, oil demand will be at its peak by the end of this decade. Some people have chosen the period 2030-35. In the end, electric vehicles will play a significant role in reducing global demand for oil.
Oil reserves to be depleted in next 47 years
About 97 million oils are consumed daily worldwide. Only 1.65 trillion barrels of oil are left in the world. According to World O Meter, the world’s available oil reserves will last for 47 years, according to current demand. If consumption increases it can be eliminated quickly.