The rise of e-mobility is increasingly dampening global oil demand – Commerzbank

FXStreet Insights Team FXStreet

In its annual Global Electrical Vehicle Outlook, the International Energy Agency notes an unbroken high growth trend in electric mobility, particularly in China and many emerging markets, Commerzbank's commodity analyst Barbara Lambrecht notes.

Share of electromobility in total electricity consumption to increase

"At 17 million electric vehicles (EVs), around 25% more were sold last year than in the previous year. With sales of 11 million EVs, China once again led the way: almost every second new car sold there was electric, which means that almost one in ten vehicles on China's roads is now electric. In Europe and the US, on the other hand, the advance has stalled somewhat."

"Nevertheless, the IEA expects global sales to reach a record 20 million EVs this year. This would correspond to a quarter of total car sales. By 2030, the share is expected to rise to 40%. According to the IEA, this would replace around 5 million barrels of daily global oil consumption (currently around 1.3 million barrels per day)."

"Conversely, this means that the share of electromobility in total electricity consumption will increase significantly, from 0.7% last year to 2.5% in 2030."

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FXStreet Insights Team

FXStreet

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