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%.

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

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

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

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

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

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