On March 18, scenario analysis from institutional models indicated that the global adoption of electric vehicles (EVs) is expected to reduce daily oil consumption by 2.3 million barrels by 2025. Analyst Claudio Rubis noted that as more drivers opt for EVs, the savings in fossil fuel consumption will increase year by year over the current decade. By 2030, under an economic transition scenario—where governments adopt economically viable technologies rather than policies solely driven by climate goals—the daily reduction in oil consumption could double to 5.25 million barrels. Currently, the widespread adoption of two- and three-wheeled electric vehicles (particularly in developing countries) is the primary reason for the decline in road fuel consumption. However, as EV adoption expands further, it is expected that EVs will drive even greater reductions in oil demand in the later stages. A report from think tank Ember also highlighted that EVs will reduce daily oil consumption by 1.7 million barrels by 2025. Ember analyst Walter believes that the increasing cost competitiveness of EVs, coupled with oil price volatility, makes choosing EVs a prudent option for countries to shield themselves from future shocks.