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On May 14, the International Energy Agency (IEA) issued a report revealing that despite trade and policy hurdles, global sales of electric vehicles (EVs) are anticipated to comprise a quarter of total car sales this year. Last year, EVs already displaced approximately 1.3 million barrels per day (bpd) of crude oil production, amidst global crude oil production standing at around 100 million bpd. Based on current national policies, the IEA forecasts that by 2030, EVs will decrease crude oil demand by 5 million bpd, representing the agency's most conservative projection. Additionally, the IEA predicts that by 2030, EVs will account for 20% of the light-duty vehicle market (encompassing sedans, vans, SUVs, and pickup trucks), a figure that is notably less than half of last year's estimate.
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