Big Oil: Growth of Electric Vehicles Will Lead to Oil Demand Peak

Following Shell, oil major Total has now also indicated it is expecting increasingly tough competition from electric vehicles (EVs), writes John LeSage of Oilprice.com.  One significant trend is the wide range of EVs that will be available in a few years.

Speaking at a recent Bloomberg New Energy Finance conference in New York, Total’s chief energy economist, Joel Couse, forecasted that EVs will make up 15 to 30 percent of global new vehicle sales by 2030.

Oil demand for transportation fuel see its “demand will flatten out,” after 2030, Couse said. “Maybe even decline.”

Colin McKerracher, head of advanced transport analysis at Bloomberg New Energy Finance, sees Couse’s forecast as the highest EV sales margin yet to be forecasted by a major company in the oil sector.

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