Oil’s Resilience: Defying Decline Amidst Electric Vehicle Surge, Global Demand Hits Record Highs

This year, the worldwide desire for oil is expected to hit an all-time high, with purchases increasing by about 40%.

According to a Morgan Stanley analysis, the disparity between the surge in electric car sales and growing oil consumption defies common wisdom.

Norway, which has the highest EV penetration rate in the world, is a fascinating case study.

Even though EVs account for 80% of new car sales, the country’s oil use has not decreased.

Contrary to common opinion, road transportation accounts for just a portion of total oil use.

Government measures supporting net-zero emissions and using cost-effective renewables will progressively change this equilibrium.